The Chicago Spire was one of Chicago’s most ambitious projects where there 150 storied and 2000 feet tall building was all set to ‘redefine the skyline’. The building is designed by the eminent Spanish architect Santiago Calatrava and was approximated to cost around $1 billion. The building was meant to be the tallest building in North America and the second tallest building in the world. The project was being developed by Garrett Kelleher of Shelbourne Development Group, Inc.
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The construction started in 2007 and in one year the Kelleher’s development company ran out of money. The work was abandoned, leaving behind a 76 foot deep circular hole at the site. The Anglo Irish Bank, Kelleher’s lender, filed a $77 million foreclosure lawsuit against Kelleher’s company, stating that the company had been in default for a year.
The project was originally proposed by Christopher T. Carley of the Fordham Company and was initially named Fordham Spire in 2005. When Carley failed to acquire the necessary funding it was taken over by Kelleher. The initial design of the Fordham Spire had only 115 stories and the design immediately gained widespread support of the entire city. Later, Carley made some changes and the height of the building was raised to 2,000 feet. The council gave its approval for this revised design. But things did not go as planned as Carley failed to obtain the necessary funds and Kelleher stepped in and took over the project. Kelleher also made some major changes in the plan, which was severely criticized. He then renamed it as The Chicago Spire. In 2007, after the Chicago City Council approved the most recent design, Kelleher started with the construction. However, by 2008, the recession began to affect the project. Calavatra suspended the construction, stating that Kelleher had not paid him for his work. He placed an $11.34 million lien on the construction site. To add to that, the project’s primary lender, the Anglo Irish Bank landed in a dire financial situation and was facing nationalization. Owing to this, Shelbourne stopped the construction. The bank also filed a foreclosure suit against the company. A receiver was appointed to oversee the property. The company also faced several other litigations and by 2010 the project was cancelled. Shelbourne’s $77.3 million debt was transferred to Ireland’s National Asset Management in early 2013. In March, NAMA hired Jones Lang LaSalle Inc. to sell the debt. In July 2013, Related Midwest, a New York based company and one of the largest developers, purchased the $93 million debt at a discounted rate.
The Spire’s future still remains uncertain. As of now, it is still an expensive hole at 400 N Lake Shore drive.
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