108 North State Street is a site currently under development as an urban center located in the Loop community area of downtown Chicago, Illinois, United States. The 3 building structure was being developed by Joseph Freed and Associates LLC, as a project inherited from the Mills Corporation. However, in 2011 Bank of America foreclosed on the property and sold it in 2012 to CIM Group. Retail development responsibilities were undertaken by Joseph Freed and Associates LLC. It is located on the square block bounded clockwise from the North by West Randolph Street, North State Street, West Washington Street and North Dearborn Street that is known as "Block 37", which was its designated number as one of the original 58 blocks of the city. The project broke ground on November 15, 2005. On July 31, 2006, the construction phase began. July 2008 marked the opening of the first of the three structures and the shopping center opened in November 2009. By February 2012, the building remained only 26 percent occupied due to the undesirability of leasing space in bankruptcy proceedings.
The Mills Corporation has also been contracted to develop an underground transit center beneath Block 37 that will be jointly funded by the City of Chicago, the Chicago Transit Authority and The Mills Corporation. The planned project includes a new subway station, track connections and a common downtown airport check-in facility for train service to both O'Hare and Midway airports. Since the purchase in April 2007 the project has stalled. The CTA has pulled out of the project and the current economic climate has stalled the project. Delays in completion have caused the project to lose major tenants.
Both Block 37 and The Mills Corporation have histories of financial difficulties. Block 37 had been demolished in 1989 for a hotly contested redevelopment plan under the then new Chicago Mayor Richard M. Daley. The debates included the demolition of the Chicago Landmark McCarthy Building, which proceeded after the Illinois Supreme Court decided private preservation groups did not have standing to challenge the city's decision. Once the site was cleared, the initial redevelopment plan fell through, as did several subsequent plans, leaving the block vacant and undeveloped for nearly a generation. The Mills Corporation has itself been in financial difficulty in the past. This reputation and changing financial climate caused a delay in 2006 as contractors feared not getting paid. During the construction, cost overruns and delays have forced the city of Chicago and the Chicago Transit Authority to make up for a shortfall of over $100 million. In November, the developer was declared in default and CB Richard Ellis was named receiver.
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