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COVID-19 CONCERNS FORCE DELAY OF CHICAGO CONDO TOWER

Construction of a luxury residential tower in Chicago has been put on hold until at least the end of September after a lender for the project cut off funding, the Council on Tall Buildings and Urban Habitat reported on July 10. Codevelopers Time Equities, JK Equities and Oak Capitals have shut down the site of the 74-story, 421-unit 1000M, which was designed by Helmut Jahn for a site on South Michigan Avenue, after construction lender Goldman Sachs ordered a 90-day period to review the impact of the COVID-19 pandemic. The lender expressed concerns "about economic stability of the market," according to Time Equities chairman and CEO Francis Greenburger. While Goldman Sachs could resume funding the US$470-million project after the review, the developers were exploring other financing options.

Image credit: courtesy of Helmut Jahn

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