CHICAGO | 1000M (1000 S Michigan) | 805 FT | 73 FLOORS - Page 84

Bombardier · #**1661** Posted **Jun 5, 2020, 10:37 AM**

Quote:

Originally Posted by SIGSEGV

I wonder if they had a materials vendor problem or something.

Nobody has problems getting a tower crane, concrete, or rebar in Chicago right now. Covid is a convenient excuse to save face stopping the project. Name another project that completely stopped to avoid the spread of Covid.

SteelMonkey · #**1662** Posted **Jun 5, 2020, 1:35 PM**

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.”

Handro · #**1663** Posted **Jun 5, 2020, 2:54 PM**

Quote:

Originally Posted by SteelMonkey

Full article from Ryan Ori - Chicago Tribune

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

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.”

This all sounds good to me.

bgsrand · #**1664** Posted **Jun 5, 2020, 4:04 PM**

Quote:

Originally Posted by Handro

This all sounds good to me.

I disagree...what are they supposed to say here? "We struggled from the get-go during one of the longest periods of econimic expansion, had to revise our development strategy but now it looks like that all went to shit"

I know it seems like things are improving throughout the country but it is was too early to declare this project as viable in it's initial form. Every other large project is actively working towards completion but 1000M is sitting on the sidelines....however you want to spin it, not a good sign.

The Pimp · #**1665** Posted **Jun 5, 2020, 8:40 PM**

I smell horse shit.

Kumdogmillionaire · #**1666** Posted **Jun 5, 2020, 8:52 PM**

Quote:

Originally Posted by Bombardier

Nobody has problems getting a tower crane, concrete, or rebar in Chicago right now. Covid is a convenient excuse to save face stopping the project. Name another project that completely stopped to avoid the spread of Covid.

Right, this project is as good as dead then.

bhawk66 · #**1667** Posted **Jun 5, 2020, 9:23 PM**

For a development that had been seemingly teetering (from an outside perspective, anyway) from moving forward or being scrapped, this is the smart play, imo. Covid might indeed be a convenient excuse, but it may also be a real one for this project, just not for the reasons they are saying to the media. Not because of the construction crew, obviously. But because they are more apt to see how it plays out with regards to economy and the fallout from the pandemic. It's a rental, right? 50 million Americans have filed for unemployment. They weren't too far in, so perfect opportunity to let it ride for a bit longer. Had they the backing as some of the others do it might be different. But they don't, as far as we know. They are risking putting in a +800' in a suspect part of the city for that kind of development. They didn't say it was dead, yet, but time may be on there side in this case.

Skyguy_7 · #**1668** Posted **Jun 5, 2020, 11:16 PM**

This story was picked up by NBC Chicago 5pm news today. They sounded so ignorant and you could tell they just were trying to inflame the hysteria of “covid” doom and gloom

Mr Downtown · #**1669** Posted **Jun 6, 2020, 1:25 AM**

I think the bigger worry is that Covid and related measures have throttled the stream of foreign—particularly Chinese—money looking for US real estate to park it in. That was always a significant part of the marketing plan.

Quote:

Originally Posted by bhawk66

It's a rental, right?

No.

CrazyCres · #**1670** Posted **Jun 11, 2020, 5:49 PM**

Ryan Ori - Chicago Tribune

The timing is curious because the developer behind the $34 million building at 1400 W. Monroe St., JK Equities, has halted work on a much larger Chicago project because of COVID-19 safety concerns.

JK Equities and its partners on the 1000M condo project, a 74-story skyscraper designed by Helmut Jahn, last week said they stopped work at the South Michigan Avenue site after completing the first phase of foundation work. On Wednesday, JK Equities co-founder and principal Jerry Karlik said work on 1000M could resume within a couple of weeks.

https://www.chicagotribune.com/colum...upa-story.html

Zapatan · #**1671** Posted **Jun 11, 2020, 6:18 PM**

That sounds promising, maybe?

Steely Dan · #**1672** Posted **Jun 11, 2020, 7:00 PM**

Quote:

Originally Posted by CrazyCres

On Wednesday, JK Equities co-founder and principal Jerry Karlik said work on 1000M could resume within a couple of weeks.

It'd be a lot cooler if that "could" was a "would".

Zapatan · #**1673** Posted **Jun 11, 2020, 7:45 PM**

Quote:

Originally Posted by Steely Dan

It'd be a lot cooler if that "could" was a "would".

Sure better than a "won't"

BuildThemTaller · #**1674** Posted **Jun 11, 2020, 9:14 PM**

This project has been declared dead so many times by this board. Nothing that has or hasn't happened with this tower will surprise me.

pianowizard · #**1675** Posted **Jun 11, 2020, 9:47 PM**

Quote:

Originally Posted by Steely Dan

It'd be a lot cooler if that "could" was a "would".

That article actually used both words. Let me copy-and-paste the relevant sentences, with those two words in bold:

"JK Equities and its partners on the 1000M condo project, a 74-story skyscraper designed by Helmut Jahn, last week said they stopped work at the South Michigan Avenue site after completing the first phase of foundation work. The venture, which also includes Time Equities and Oak Capitals, said construction would resume when it is deemed safe.

On Wednesday, JK Equities co-founder and principal Jerry Karlik said work on 1000M could resume within a couple of weeks."