Construction work on "1000M," at stalled 73-story residential high-rise at 1000 S. Michigan Avenue, could resume as early as this fall, its developers revealed Wednesday at a virtual community meeting hosted by Ald. Sophia King.
New York-based developers Time Equities, JK Equities, and Oak Capitals were forced to hit pause on the Helmut Jahn-designed project last summer when sluggish condo sales combined with pandemic-related economic uncertainty led lender Goldman Sachs to pull its financing for the estimated $470 million skyscraper.
The development team is hoping that shifting the tower's units from 506 condominiums to 738 rental apartments will be the key to jump-starting construction at the dormant site across from Grant Park. Other changes to the building include a slight height reduction from 831 to 805 feet and a decrease in parking from 440 to 320 spaces.
Despite a significant bump in the number of residential units, the project's overall estimated "population" will change little due to a higher number of studio and one-bedroom units, according to the developers.
The building will include 23 affordable units comprising 11 efficiencies, 6 one-bedrooms, 5 two-bedrooms, and a single three-bedroom unit. Monthly market-rate rents at 1000M will start a $2,200 for a studio and swell to over $10,000 for the penthouse units.
Increasing the overall number of residences will require the developers of 1000M to amended their previously approved Planned Development with the city. The team hopes to go before the Chicago Plan Commission, Committee on Zoning, and full City Council in June. The project's preexisting Lakefront Protection Application will not need to change.
"If things go well, our hope is [to restart construction] by the fall, assuming this process and other processes we have to complete all come together," said Francis Greenburger, founder of Time Equities, at Wednesday's meeting.
If and when work on 1000M resumes, the skyscraper is expected to take roughly three years to complete.
- Will a stalled South Loop skyscraper’s pivot from condos to rentals restart construction? (Urbanize Chicago)