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Chicago’s Biggest Condo Project in a Decade Set for December Start
1000M, the 421-unit luxury development at 1000 S. Michigan Ave. that’s Chicago’s biggest condominium project since the recession and architect Helmut Jahn’s tallest building, will be under construction by December and completed by 2022, the Chicago Tribune reported. A ceremonial groundbreaking was held Thursday by New York-based developers Time Equities and JK Equities and locally-based Oak Capitals.
The $470-million project is within a month of finalizing the first of two rounds of construction financing led by Goldman Sachs, Time Equities CEO Francis Greenburger told the Tribune. He declined to say how much the development team plans to borrow.
Although he acknowledged that it’s late in the construction cycle to launch a major development, Greenburger told the Tribune, “Building something like this is not something you wake up one day and do. It takes a long, long time, and you have to be prepared to go through different cycles.”
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