Chicago’s current tally of 33 high-rise buildings under construction can add another large project to the mix as crews officially break ground on the 74-story, Helmut Jahn-designed skyscraper known as 1000M.
Although co-developers Time Equities, JK Equities, and Oak Capitals hosted a groundbreaking ceremony in October, work at 1000 S. Michigan Avenue didn’t start in earnest until the last weekend of November—after the project landed its first building permit.
Seeing foundation rigs move dirt should go a long way to alleviate doubts about the project, voiced by publications such as Crain’s. Concerns included questions about the market supporting high-end condos at this location as well as doubts if the slow-to-start project would get off the ground amid concerns of a possible economic downturn.
The 1000M development was first announced in 2015. Since launching sales in 2017, the project sold just over 23 percent of its 421 residential units, according to its developers. The team reconfigured several floors for smaller micro-units starting at $313,000, but a number of unsold units—listed between $4 million and $8.1 million—are still well above record prices for the neighborhood.
Construction on 1000M is expected to take 30 to 36 months, Jordan Karlik of JK Equities told Curbed Chicago at October’s ceremonial groundbreaking. Assuming crews adhere to that timeline, the South Loop high-rise would open in mid- to late-2022.
Rising 832 feet at the edge of Grant Park, 1000M will have a significant impact on Chicago’s skyline. If completed today, it would stand as Chicago’s 15th tallest building. The high-rise will slip to 17th spot after the Vista Tower and One Chicago projects are completed.
1000M will feature 40,000 square feet of amenities with interiors designed by Kara Mann, including a pool deck, fitness center, music conservatory, a Himalayan salt therapy room, and a “sky terrace” overlooking the park and Lake Michigan. The project is expected to create 2,300 construction jobs and 16 permanent jobs once it opens.