New Loan Acquired to Resume Construction of Helmut Jahn’s South Loop Tower in Chicago

New loan acquired to resume construction of Helmut Jahn’s south loop tower in Chicago.

10 December 2021 | Chicago, United States

Construction is set to restart at a 74-story Helmut Jahn-designed building in downtown Chicago after developers secured a US$305 million loan and changed plans to turn it into luxury apartments instead of condominiums.

Time Equities, JK Equities, and Oak Capitals said they closed on a construction loan for the tower at 1006 South Michigan Avenue from Goldman Sachs and Deutsche Bank Wealth Management, Crain’s reported. The tower, known as 1000M, will have 738 luxury apartment units.

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1000M

CTBUH Member Companies
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Magnusson Klemencic Associates

JAHN

James McHugh Construction Co.

Cosentini Associates

AMSYSCO

GEI Consultants

The building is scheduled for completion in late 2024. Developers broke ground in 2019 and shut down work in June 2020 as the pandemic erupted.

At the time of the ceremonial groundbreaking, about 23 percent of the planned 421 units were under contract, according to Crain’s. A US$3.4 million unit was the highest-priced one in contract at the time and unsold condos were priced between US$4 million and US$8 million.

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