CHICAGO — Co-developers Time Equities Inc., JK Equities and Oak Capitals plan to soon begin vertical construction for 1000M, a 73-story apartment high-rise in Chicago’s South Loop district. Named for its address (1000 S. Michigan Ave.), 1000M will stand 788 feet tall upon completion in 2025, making it one of the tallest apartment towers in Chicago.
1000M was originally conceived as a for-sale condominium tower but during a pause in construction during the COVID-19 pandemic, the co-developers decided to reposition the asset as a rental residential tower. Construction recommenced following a $304.5 million loan from Goldman Sachs and Deutsche Bank Wealth Management, according to various media outlets.
The 738-unit apartment tower will offer residences ranging from studios to three-bedroom penthouse units. The development will also feature a golf simulator room, outdoor swimming pool with cabanas, a cookout area and a full-service 73rd floor bar and lounge offering views of the Chicago skyline.
In addition, a 325-car parking garage will be concealed behind the apartments. Nearby attractions and venues include Grant Park, Lake Michigan, Soldier Field & Museum, Humboldt Park Formal Gardens, Columbia College Chicago, Hilton Chicago and Trader Joe’s.
Helmut Jahn, a world-renowned German architect who was killed last year in a bike accident outside Chicago, designed 1000M. His Chicago-based design studio, JAHN, continues to serve as the project’s architectural firm of record. The property will be JAHN’s tallest tower in the Windy City.
On Saturday, Jan. 22, McHugh Concrete completed a nine-hour continuous concrete pour for the slab foundation of 1000M. The poured concrete totaled nearly 4,000 cubic yards and took more than 400 concrete trucks and 685 tons of steel rebar to complete.
The firm has poured the concrete for eight of Chicago’s 10 tallest concrete buildings. General contractor McHugh Construction coordinated below-ground preparatory work prior to the concrete pour.
Time Equities Inc. (TEI) has been in the real estate investment, development and property management business for more than 50 years. The New York City-based firm currently owns 38.9 million square feet of residential, industrial, office and retail space, including about 5,500 multifamily units, 2.2 million square feet in pending acquisitions and 1.4 million square feet of various property types in stages of pre-development and development. TEI’s portfolio totals 330 properties across 33 states, five Canadian provinces and Europe.
JK Equities is a private real estate owner and operator that has operated and developed projects across 15 states valued at over $1 billion. The Roslyn, N.Y.-based firm concentrates on the residential sector and has about 1.4 million square feet of space in its development pipeline, according to its website.
Oak Capitals is a residential and commercial real estate developer based in Chicago. The company’s assets include properties in both Chicago and New York.
— John Nelson