Co-developers Time Equities, Inc. (TEI), JK Equities and Oak Capitals, announce today that 1000 South Michigan Avenue (1000M) will officially recommence construction in December as a rental tower. The development team has closed on a $304,500,000 million construction loan from Goldman Sachs Bank USA and Deutsche Bank Wealth Management. Construction of the project is expected to be completed within 36 months.
1000M commenced construction in late 2019 as a luxury condominium tower. Shortly thereafter, in the spring of 2020, construction was interrupted due to the pandemic. Due to changing perception of market conditions, Ownership decided to move from a condominium approach to an ultra-luxury rental tower.
1000M was designed by the late, luminary German architect Helmut Jahn. The 805-foot, 73-story tower will now feature 738 apartment residences which range from studio to three-bedroom penthouse units. 1000M will include 23 affordable units.
“I’m very proud of the entire 1000M team for reaching this point,” said Francis Greenburger, CEO and Chairman of TEI. “We’re beyond excited to re-start construction and thankful to Goldman Sachs Bank USA and Deutsche Bank Wealth Management for financing this landmark project. 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.”
As to the death of Helmut Jahn in May, 2021, Greenburger continued, “We remain saddened by the untimely loss of Helmut Jahn – he was a world-renowned architectural genius and lived a remarkable life. Helmut is greatly missed and we will realize 1000M as further testament to his impact on the Chicago skyline.”
Helmut Jahn’s company, JAHN, remains the architectural firm of record for 1000M. JAHN is guided by Helmut’s long-time colleague and partner, Philip Castillo, who has and continues to oversee the day-to-day responsibilities for the 1000M project.
Renowned Chicago-based interior designer, Kara Mann, was engaged to lead the completely reimagined interior design and amenity planning of the rental tower. The building will feature 75,000 square-feet of indoor and outdoor luxury amenity spaces.
Chicago-based McHugh Construction will serve as the construction manager for 1000M.
“While it was disappointing to have to stop construction at 1000M during the pandemic, it gave us the opportunity to completely recalibrate and redesign the project as an ultra-luxury residential rental tower,” said Robert Singer, Director of Development of TEI. “We think we ended up with the right design, the right product at the right time. 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.”
Centrally located along Chicago’s Cultural Mile and the Historic Michigan Boulevard District, 1000M is within walking distance of countless neighborhood amenities – including Grant Park, Maggie Daley Park and Millennium Park, the lakefront, restaurants, transportation, schools and world class cultural institutions such as the Art Institute, Field Museum Shedd Aquarium and Soldier Field.
Today, South Michigan Avenue, formally referred to as the Historic Michigan Boulevard District, defines the western edge of Grant Park. It is one of the most distinguished areas of Downtown Chicago.