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 . 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 , and the 738-unit property is about 30% leased. A partitioned studio apartment at 1000M.
Jim Vondruska/For the Sun-Times As the building rises, so do unit sizes — and rents. Prices range from about $2,000 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 co.
