A stalled South Loop skyscraper designed by the late Chicago starchitect Helmut Jahn appears to be on track to eventually restart construction at 1000 S. Michigan Avenue.
The 73-story development, dubbed 1000M, is listed on the agenda of the June 17 meeting of the Chicago Plan Commission. The commissioners will need to approve changes to the estimated $470 million project which include a switch from 506 condominiums to 738 rental apartments, a decrease in parking from 440 to 320 spaces, and a slight reduction in building height from 831 to 805 feet.
New York-based developers Time Equities, JK Equities, and Oak Capitals broke ground across from Grant Park in late 2019, and crews managed to complete substantial foundation work before construction halted in summer 2020 amid sluggish condo sales and a loss of financing during the pandemic. The team hopes the changes will get the beleaguered skyscraper back on track.
"We changed our approach because rental financing is generally easier than condominium financing," explained Francis Greenburger, founder of Time Equities, at a February community meeting hosted by Ald. Sophia King.
The amendment to 1000M's Planned Development (PD) will require approval by the Chicago Plan Commission, the Committee on Zoning, and the City Council. The project will not need to resubmit its prior Lakefront Protection Ordiance application.
If everything goes as planned the developers hope to re-start construction this fall. The South Loop skyscraper is expected to take roughly three years to complete.