Construction of the 1000M residential tower in the South Loop of Chicago is set to continue after it had been put on hold last year due to the COVID-19 pandemic. Construction will resume with revised plans as approved by the Chicago Plan Commission. The architecture firm, JAHN, reduced the building’s height by 27 feet and changed it to 738 apartments instead of the 521 condominiums it was originally planned to have. Under the new design, the building would still be the firm’s tallest in Chicago, at 805 feet, rather than 832 feet in the original plans.
Construction by contractor James McHugh Construction Co began in 2019 and has been financed by Goldman-Sachs who had finished paying for the foundation work on the US$470 million structure but declined to finance it further due to concerns about the city’s changing real estate market. The Chicago Plan Commission gave the go-ahead on June 17 for the reconfigured tower at 1000 South Michigan Avenue. The design now calls for apartments instead of the original condos.
“Market experts have told us that comparable high-amenity luxury buildings are in demand and renting briskly,” said Francis A. Greenburger, chairman of New York City-based Time Equities who also added that 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. We hope to close financing and start construction in the fall but if not then, it would be in the spring,” he added.
“He will be greatly missed,” Greenburger said. “But we look forward to carrying his legacy forward with the completion of 1000M.”