1000M Developers Ready To Start Construction Again
Construction of the 1000M residential skyscraper could restart as early as this fall if developers win approval Thursday afternoon from the Chicago Plan Commission for their revised plan, according to the Chicago Tribune.
Construction began in late 2019 on the South Loop project, which would have been Chicago's largest condominium development in a decade, but work stopped in spring 2020. The development team will ask commission members to allow 1000M to become a 73-story apartment tower with up to 738 units, instead of the 521 condos they originally planned to create.
Last spring's shutdown was originally blamed on public health concerns brought about by the coronavirus. But in July 2020, the Tribune reported that lender Goldman Sachs had withdrawn financing from the $470M tower due to concerns that the pandemic would cut into the demand for downtown residences.
Developers Time Equities, JK Equities and Oak Capitals responded by reworking the condo proposal into apartments.
The project suffered another misfortune in May when its architect, Helmut Jahn, was killed in a bicycle accident.
“The pandemic period has been challenging for everyone,” Time Equities Chairman and CEO Francis Greenburger told the Tribune in an emailed statement. “We have dealt with these challenges and changes in market conditions by adjusting our development plan in a responsible way so as to have the best final result.”
“Market experts have told us that comparable high amenity luxury buildings like 1000M are in high demand and renting briskly,” Greenburger added.
