A $304.5 million construction loan from Goldman Sachs Bank USA and Deutsche Bank Wealth Management has secured the future of Chicago’s 1000M tower. After halting construction last year, due to the pandemic, co-developers Time Equities, Inc. (TEI), JK Equities and Oak Capitals have announced that construction will restart this month.
Additionally, the development team revealed that the skyscraper will become a rental tower, rather than the condo tower originally planned. “The market in Chicago for ultra-luxury rental apartments is very strong, and we see this segment of the market only strengthening from here. We look forward to delivering best-in-class apartments in late 2024,” Robert Singer, director of development of TEI, said of the decision to transition away from condominiums.
Once finished, 1000M will feature 738 residential units — including 23 affordable units — ranging from studio apartments to three-bedroom penthouses. Standing at 805 feet and 73-stories, the high-rise also boasts 75,000 square feet of indoor and outdoor space.
1000M was designed by the late German architect Helmut Jahn, who passed in 2021. The building marks one of his final projects. “We remain saddened by the untimely loss of Helmut Jahn – he was a world-renowned architectural genius and lived a remarkable life … we will realize 1000M as further testament to his impact on the Chicago skyline,” said TEI CEO and Chairman Francis Greenburger. 1000M is located at 1000 S. Michigan Ave., near Grant Park and Lake Michigan, in what’s known as the Historic Michigan Boulevard District.
Jahn’s company, JAHN, remains the architectural firm for the project, working alongside the interior designer Kara Mann and the construction manager McHugh Construction. Construction is set to complete in 36 months. Reflecting on the recent progress, Greenburger thanked the new lenders in a press release and shared his hope for the future of the tower: “1000M will be a world-class residential tower. We hope to make the city of Chicago proud – and we are grateful to the city for their continued support of this project.”