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1000M Development Team Restarts Jahn-Designed Project with Switch to Rentals
Co-developers Time Equities, Inc. (TEI), JK Equities and Oak Capitals said Wednesday that 1000 South Michigan Ave. (1000M) will officially recommence construction in December as a rental tower. The development team has closed on a $304,500,000 construction loan from Goldman Sachs Bank USA and Deutsche Bank Wealth Management. Construction of the 73-story downtown Chicago project is expected to be completed within 36 months.
Designed by the late Helmut Jahn, 1000M commenced construction in late 2019 as a luxury condominium tower. However, construction was interrupted due to the pandemic. Due to changing perception of market conditions, ownership decided to move from a condo approach to ultra-luxury rentals.
“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.”
- ◦Development
- ◦Financing


