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.
In July, Goldman pulled its planned funding on the Helmut Jahn-designed tower that Time Equities is co-developing with New York-based JK Equities and Oak Capitals. At the time, 1000M was the largest active condo project in the city. Time Equities head Francis Greenburger said after the announcement that Goldman was “concerned about economic stability of the market … due to recent events.” He said 101 of the 421 condo units were in contract, with buyers having put 10 percent down.
In June, Crain’s reported that construction work on 1000M’s foundation had stopped, apparently the first high-rise to fall victim to the economic uncertainty caused by Covid-19. The developers issued a statement that claimed construction had stopped due to safety concerns, not financial issues.
The new zoning application didn’t specify the type of units they would market, but Time Equities said in December the property would be mostly rentals, according to the Chicago Tribune. Greenburger told the publication that he hoped to begin construction in 2021, depending on the economy and financing. Those are decidedly two big caveats.
After crashing in the early months of the pandemic, the Chicago area housing market picked up in the months that followed. While demand for homes in the suburbs led those gains, the city also saw more demand, but not everywhere. The condo market in the Loop stalled out, with a recent report showing two years worth of unsold condo units there. [Crain’s] — Alexi Friedman