Another 7,000 apartments expected in downtown Chicago within 2 years

22 February 2018

“After setting a record for apartment construction in 2017, downtown Chicago will take a breather — but not for long…

1000M will stand among Chicago’s iconic skyline

One of the big new projects is 1000M, a 74-story tower designed by Helmut Jahn at 1000 S. Michigan Ave. Developers began marketing 323 units for sale in the fourth quarter of 2017.

“We think the market was ripe,” said Jerry Karlik, a principal at New York-based JK Equities, one of the tower’s developers.

“With rental prices hitting $4 per square foot in luxury buildings, we think it’s the right market for a premier condo building,” Karlik said. “It’s an underserved area, and there hasn’t been much built since the last (real estate) cycle.””

Read the full story on the Chicago Tribune’s website.