Wednesday, February 3, 2021

1000M High-Rise Looking to Shift From Condos to Rentals to Get Building Off the Ground

The off again on again high-profile development - 1000M - continues to be in the news.  The Real Deal has a quick summary of the current attempts to resuscitate this project:

Time Equities’ revised plan for its 1000M tower means building nearly that many residential units.

The firm is seeking a zoning variance that would let it build more than 700 units at its stalled luxury condo skyscraper project by Grant Park, according to Crain’s. The filing comes nearly seven months after Goldman Sachs yanked construction financing on the $470 million development.

New York-based Time Equities filed an application with the City Council to boost the allowable units to 738 at the planned 74-story tower, Crain’s reported.

Time Equities initially intended to build 421 luxury condos at 1000 South Michigan Avenue — called 1000M. Current zoning calls for a maximum of 506 units, according to the report, so the new figure would be a massive increase. The filing also shows the building’s height would drop from 832 feet to 805 feet.

We've received various emails with additional signs of this change including a letter one reader received from the developer and a pic another sent:

As we've seen just down the street at NEMA (Roosevelt and Indiana), the rental market has been easier for developers to get off the ground.  Will the Sloop be able to support another massive rental high-rise?  We shall see. 

As a reminder, construction on this building was halted in the summer and faced an uncertain future.

(Hat tip: JD & MM!)

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