It's Chicago's largest condo tower for more than a decade - and its funding is drying-up
THE 1000M Tower in Chicago has had its funding halted as lender Goldman Sachs takes 90 days to assess the economic viability of the project in the midst of the COVID-19 pandemic.
If built, the tower would be Chicago’s largest condo development in more than a decade.
The 74 storey, USD $470M tower would dramatically change the south end of the historic Michigan Boulevard skyline.
Above: The 1000M Tower would be the largest condo development built in Chicago in more than ten years (image courtesy of JAHN Architects)
The project itself has already been years in the making, with developers acquiring the site for USD $17.2M in 2016.
Designs for the tower were approved that same year, but it then took several more years for enough units to be pre-sold so that construction could begin.
Goldman Sachs has already funded the first phase of construction, with foundations being laid, giving hope that the tower will be built in some form.
Above: The 253-metre-high skyscraper would offer residents spectacular views of the city (image courtesy of JAHN Architects).
Buyers of the luxury units have been given the option to have half of their deposit returned, which many have declined.
While construction has remained as an essential service in the state of Illinois, social distancing rules have dramatically reduced productivity and limited the number of people able to work on site, further denting the scheme's financial viability.
Above: Designed by Helmut Jahn, the building would hold 421 residential units (image courtesy of JAHN Architects).
If cancelled, the situation around 1000M would be highly reminiscent of the Santiago Calatrava-designed Chicago Spire, another luxury apartment building that would have redefined the Chicago skyline.
That scheme was pulled in the wake of the 2008 economic crisis.
Despite the uncertainty, several governments around the world are investing heavily in public sector construction projects while fast-tracking private schemes in an effort to boost their economies. Both the United Kingdom and Australia have invested massively in infrastructure projects.