After launching in October, condo sales are off to a encouraging start at the 74-story Helmut Jahn-designed skyscraper known as 1000M.
The yet-to-be-built tower landed a combined 38 contracts in the final quarter of 2017 and the first quarter of 2018, according to a sales team lead by @properties. While it may not seem like a huge number given the building’s total unit count of 323, the activity did account for approximately 34% of the downtown’s new condo sales over that period.
The contracts mean 1000M holds the distinction of Chicago’s best selling new development, outpacing a handful of competing projects such as the 94-story Vista Tower under construction in Lake Shore East. The numbers were based on data collected from the Chicagoland Multiple Listing Service and the most recent Downtown Chicago Condo Report.
Located in the South Loop, 1000M will test the upper limits of the area’s luxury housing market as it pushes prices into higher, previously uncharted territory. A number of the tower’s upcoming units—including a 5,500-square-foot 71st floor penthouse listed for $8.1 million—exceed the neighborhood’s past sale record of $3.2 million set in 2016.
“Virtually every contract we take at 1000M sets a record over what has previously sold south of Millennium Park,” said director of sales John Goldsworthy with @properties. “At the high end of what we’ve sold, we are shattering pricing records for the area and look forward to a strong spring and summer.”
The sales are an encouraging sign for Chicago’s greater condo market which lags behind the recent rental frenzy and is still well below the pre-recession boom years. However, the upper end of market is looking especially strong with 2018 year-to-date sales of high-end units significantly outperforming 2017 in both number of transactions and price point.
In addition to gauging the health of local condo markets, the accelerating pace of sales at 1000M will play a vital role in determining when the project ultimately breaks ground. Unlike rental apartments which can be built on speculation, condominiums must hit a critical level of sales before developers dig in.
Development partners Time Equities, JK Equities, and Oak Capitals expect to break ground on 1000M in 2019 and complete the project by 2022. The start date slipped from 2018, as originally cited in an earlier report.
The glassy high-rise will replace a parking lot at 1000 S. Michigan Avenue, directly across from Chicago’s Grant Park. It will feature sweeping views of the Loop skyline and Lake Michigan as well as understated interiors from designer Kara Mann. The building’s 40,000 square feet of amenity space includes a landscaped pool deck, fitness center, library, music conservatory, formal dining room, spa, and a Himalayan salt therapy room.
- 1000 South Michigan Avenue [Official website]
- Jahn’s 1000M South Loop tower break ground in 2018? [Curbed Chicago]
- Previous South Loop coverage [Curbed Chicago]