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CHICAGO-Mills Corp. has closed on its $12.3-million purchase of the former Block 37 site, about one-third the property’s most recent appraised value, clearing the way for a ground-breaking on the 108 N. State St. project next week. Also, the $336-million mixed-use project on the city block between Marshall Field’s flagship store and the Daley Center will have some changes in its design unveiled Tuesday.

The city bought the property back from a previous development team in 2002 for $32.5 million. Last year, the long undeveloped parcel in the middle of the Loop was appraised at $37 million.

Arlington, VA-based Mills Corp., the master developer of the retail, entertainment, office and possibly multifamily and hotel complex has succeeded in getting WBBM-TV Channel 2 as a 100,000-sf office anchor for the building at Washington and Dearborn streets, before landing Morningstar as a 185,000-sf tenant. Plans call for up to 450,000 sf of office space, but the centerpiece of the redevelopment is expected to be the 400,000 sf retail and entertainment space. The multifamily portion could hit 300 units, and the hotel could be as large as 300 rooms.

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