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Chicago & Midwest  + Downtown  + Apartments  | 
1000M apartment tower Chicago

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.”  

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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