Loan Paves Way For Jahn-Designed Chicago Apartment Tower

A US$305-million loan secured by developers Time Equities, JK Equities and Oak Capitals means construction can restart on 1000M, a 73-story, 805-ft-tall luxury apartment tower designed by the late Helmut Jahn at the edge of Grant Park in downtown Chicago, The Real Deal reports. 1000M broke ground in 2019, but work halted in June 2020 amid the pandemic. The building settled on a slightly shorter design with luxury apartments rather than condominiums. Time Equities Director Robert Singer observed Chicago’s luxury rental market is strong, with occupancy rates rebounding from 86.5% in fourth quarter 2020 to 94.5% in second quarter 2021. Completion is anticipated in 2024, and will bring 738 residential units to the approximately 11,530 planned in downtown Chicago by second quarter 2023.