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1000M Tower, Helmut Jahn's Last Chicago Project, Gets Approval to Restart Construction | Columbus Ohio Dump Trucks

Construction

805-ft-tall condo tower stopped construction during pandemic, but will restart as apartments

1000M Redesign
The redesigned 1000M tower will have condos instead of apartments and could restart construction by autumn.
Rendering courtesy of Time Equities

The 1000M residential tower in Chicago’s South Loop, what is likely the last design by architect Helmut Jahn, has cleared a hurdle to construction resuming under revised plans approved by the Chicago Plan Commission.

The commission gave the go-ahead for the updated tower, which calls for apartments instead of its original condo design, at 1000 S. Michigan Ave. June 17. The new design still must be approved by the City Council.

The architecture firm, JAHN, whose namesake principal recently died, reduced the building's height by 27 ft, and changed it to 738 apartments rather than the 521 condominiums it was originally planned to have. Under the new plans, the building would still be Jahn’s tallest in Chicago at 805-ft-tall rather than 832 ft in the original plans.

Construction by contractor James McHugh Construction Co. began in 2019, but was halted a year ago during the pandemic. Construction financier Goldman-Sachs had finished funding foundation columbus oh dump truck work on the $470-million structure but declined to finance it further due to concerns about the real estate market.

Francis A. Greenburger, chairman of New York City-based Time Equities, one of three project developers on the project with JK Equities and Oak Capitals, said that apartments rather than condos is the right way to move forward.

“Market experts have told us that comparable high amenity luxury buildings are in demand and renting briskly,” he said.

He said the pandemic has affected the real estate and construction industries in many ways and is a prime reason for making the changes.

“The pandemic period has been challenging for everyone,” he said. “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.”

Greenburger predicts financing will be finalized and construction will begin later this year or early 2022.  

“We hope to close financing and start construction in the fall but, if not then, it would be in the spring,” he said.

He said Time Equities is looking forward to advancing the project despite one of the biggest hurdles faced in the last year, which was the loss of Jahn, 81, who was killed in a bicycle accident in May.  

“He will be greatly missed,” Greenburger said. “But we look forward to carrying his legacy forward with the completion of 1000M.”