A 73-story apartment tower in Chicago designed by the late Helmut Jahn is set to welcome its first residents within a few months, a scenario that seemed unlikely when construction of the South Michigan Avenue project was halted early during the pandemic.
Preleasing has begun at 1000M, New York-based developer Time Equities announced Monday, with the first residents expected to move into the 738-unit skyscraper by May 1.
Formal leasing efforts come just a few months after the luxury rental project’s developers first began a marketing campaign for prospective renters, as construction of the 805-foot-tall tower neared its full height last summer.
Signed leases and spring move-ins, followed by additional phases of move-ins throughout this year, are long-awaited after construction was halted during the early months of the pandemic, which also caused the plan to shift from for-sale condominiums to rental apartments.
The development team of Time, JK Equities and Oak Capitals said in a statement Monday that a preleasing center is open in a building next to 1000M at 1006 S. Michigan Ave. after getting feedback on the project from “early VIPs” who expressed interest in renting units.
“We are excited to finally be able to share 1000M with the public,” Robert Singer, director of development at Time Equities, said in the statement. “It’s been years in the making, but the hard work by everyone has paid off. This building will truly set the bar for rental residences in Chicago.”
Asking rents start at $2,075 per month for studios, $3,115 for one-bedrooms, $5,865 for two-bedrooms, $8,770 for three-bedrooms and $14,470 for four-bedrooms, the developers said.
Planned amenities include a 73rd-floor observatory, indoor and outdoor pools, fitness and wellness facilities and co-working space.
Leasing and management of the building are led by Willow Bridge Property Company.
The project just west of Grant Park and Lake Michigan broke ground in late 2019, just a few months before the onset of the global health crisis. Construction on the tower then halted, with German-born architect Jahn altering the design by removing one floor and adding 217 units to what previously was envisioned as luxury condos.
While construction remained paused, the 81-year-old architect was killed when he was struck by two vehicles while riding a bicycle in Chicago’s suburbs.
The developers vowed to bring the project to fruition after Jahn’s death, and in December 2021 they secured nearly $305 million in construction financing to resume work.