The latest addition to Chicago’s skyline — a 73-story luxury tower on Michigan Avenue — is now open and leasing faster than expected, according to the developer.
Developers Time Equities Inc., JK Equities and Oak Capitals cut the ribbon on Thursday for 1000M, the high-rise apartment building across from Grant Park. The grand opening marks a significant milestone for the developers, whose nearly decade-long project faced gridlock during the COVID-19 pandemic.
With the condo market cooling, the project had switched from condominiums to apartments then the pandemic paused construction for more than a year. Work resumed in late 2021 after developers landed a $304.5 million construction loan from Goldman Sachs.
The project was a $435 million investment and employed “hundreds” during construction, said Ald. Lamar Robinson (4th).
“1000M is indeed a great source of pride for Chicago and a stellar addition to the 4th ward,” Robinson said.
Residents began moving in May 1, and the 738-unit property is about 30% leased.
As the building rises, so do unit sizes — and rents. Prices range from about $2,000 a month for a studio up to $15,785 for a 3,156-square-foot four-bedroom apartment, according to the building’s website.
There are about 25 units marked as affordable, in accordance with Chicago’s Affordable Housing Ordinance.
Time Equities Chairman Francis Greenburger said the apartments at 1000M are leasing about 50% faster than anticipated. He said the consistency of the luxury apartment market compared to the condo market was one of the main factors for switching the building’s plans.
“We’ve had a remarkably strong rental market,” Greenburger said.
The building also has over 80,000 square feet of amenity space, which they say makes it the largest amenity package in Chicago.
Amenities include an art gallery, co-working lounge, game room, piano lounge, two-floor health club, pool deck and zen garden. The health club will have daily fitness classes, and brunches are planned for every Sunday in the piano lounge.
Greenburger said the event programming and amenities are what makes 1000M a community.
“It brings people together in a way other apartments don’t,” he said.
The building will also have art from Greenburger’s personal collection on display with works from artists such as Margaret Evangeline, Frances Goodman, Claus Brunsmann and Claudia Chaseling. And he selected pieces for the first exhibition in the building’s art gallery, which will rotate on a regular basis.
1000M is one of the last buildings in Chicago to be designed by internationally renowned local architect Helmut Jahn, who died in 2021. His other Chicago projects include the United Airlines terminal at O’Hare and the Thompson Center, which is currently being redeveloped into Google’s Chicago headquarters.
Philip Castillo, managing director at Jahn’s namesake firm, said Thursday 1000M now ranks among the most iconic projects the firm has ever done.
“As Helmut would always say, perfection can only be achieved when nothing can be taken away,” Castillo said. “But as we will see, there’s quite a bit in this building, and I think it’s safe to say that what’s here is what makes this tower a beautiful statement. Anything removed would result in a lesser building.”
The apartment interiors were designed by Kara Mann. McHugh Construction was the general contractor.
