[SteelMonkey]

Full article from Ryan Ori - Chicago Tribune


Construction halted on Helmut Jahn-designed skyscraper on South Michigan Avenue. Developers say it’s because of COVID-19 safety concerns

Construction of a 74-story condo tower designed by Helmut Jahn has been halted, and the project’s developers say it was done to prevent the spread of COVID-19.

The 1000M skyscraper on South Michigan Avenue is the first prominent high-rise project to shut down during the coronavirus pandemic, which has dragged down the economy and led to widespread job losses in Chicago and throughout the country.

Construction is considered an essential industry by Gov. J.B. Pritzker, and other projects have continued despite stay-at-home orders that were issued in March.

Distancing, staggered work shifts, temperature checks and other measures have been implemented on job sites in an effort to protect workers from the coronavirus.

Industry observers have closely monitored the virus’ potential long-term impact on the more than decade-long development boom in Chicago, which leaves in question the fate of several megadevelopments in advanced planning stages.

The 1000M developers, Time Equities, JK Equities and Oak Capitals, on Thursday said construction work has been stopped since the first phase of foundation work was completed. It’s unclear when the work stopped, or when the $470 million project might resume.

“When the COVID-19 situation arose, we had workers underground, working shoulder to shoulder, making it effectively impossible to maintain proper social distancing,” the developers said in a statement. “We consulted with our experts and we all felt the safest route was to temporarily halt construction on site to ensure worker safety.”

Off-site work on the project continues, the statement said, such as “signing subcontracts, procuring and testing the curtain wall, processing our building permits and finalizing construction documents, among other items — which allow the project to generally stay on track.”

“We will resume work on site when we feel the situation has fully stabilized,” the developers’ statement said.

Crain’s Chicago Business first reported the work stoppage.

If completed, 1000M would be Jahn’s tallest building in Chicago. Units in the building range from micro-units to penthouses of nearly 5,500 square feet.

There are sale contracts for more than 100 of the skyscraper’s planned 421 units, according to the developers. Their statement did not provide an exact number of units under contract.

The project, named for its address in the 1000 block of South Michigan Avenue, had been delayed for years before the Tribune in October reported the developers getting set to break ground.

Later that month, the developers held a formal groundbreaking ceremony and began work the 832-foot-tall skyscraper. They said it would open within three years.

It was the largest condo project, in terms of units, to kick off construction since the last recession more than a decade ago.

Even before knowing of the pandemic to come, Time Equities chairman and CEO Francis Greenburger acknowledged the risk of launching a skyscraper late in a construction cycle.

“Building something like this is not something you wake up one day and do,” Greenburger told the Tribune in October. “It takes a long, long time, and you have to be prepared to go through different cycles. Who knows what’s going to happen with the economy? We all know it’s flashing red lights.

“But our business plan allows us to weather whatever the environment is, because we look at this as a long-term project.”