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Originally Posted by CaptainJilliams
Renderings have been revealed of the updated design for 1000M, a residential tower located at 1000 S Michigan Avenue in South Loop. Located on an empty lot, the site fronts S Michigan Avenue midblock between E 9th Street and E 11th Street. Time Equities and JK Equities are the developers behind the project.
https://chicagoyimby.com/2021/02/ren...outh-loop.html |
Here is the key quote from that article:
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The change in unit type from condos to rentals was a result of the financing structure behind the project. The developers secured construction financing in two phases, where the provider had the option to change or rescind funds for the second phase if they chose to. In the late spring of 2020, financing for the second phase was not released by the provider and the project was halted. The developers hope that the change in unit type will allow for the reinstatement of financing either by the current provider or a new provider. Final negotiations on financing are still underway.
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So as we suspected, COVID was just a fig leaf for the pause in construction last year. And they still have not secured financing to actually finish it.