In 1987, Chicago Mayor Harold Washington approved a $24 million subsidy to FJV Venture to develop Block 37. There were a series of subsequent alternate redevelopment plans. Among the prior redevelopment plans for the block were the original Block 37 Towers, for which the original block was demolished and which included a 47-story tower designed by Murphy/Jahn, Inc. Another failed plan was a Solomon Cordwell Buenz plan including a 711-foot 66-story residential tower and a 12-story Marriott Hotel towering over a 4-story retail base. This had followed the 39-story Kohn Pedersen Fox Associates design scheduled for 2004 completion. The developments fell through, which put the property back into the city's possession. In 2002, the city initiated a competition for the development rights to the property. In 2004, the city sold the property to Mills Corp. at a $20 million loss. Mills sold the development rights to Joseph Freed and Associates in 2005, when the city committed $42 million in tax-increment funding. In 2007, the city learned the development was $150 million over budget. The complex was originally being developed by commercial real estate developer Mills Corporation, best known for its ownership of numerous super-regional shopping malls. However, Joseph Freed and Associates LLC has inherited the development rights.