Dec. 7, 2010 at 3:23 p.m.
Filed under:
Development,
Real estate
By Mary Ellen Podmolik
A view of the uncompleted Spire development's foundation, Sep. 17, 2010. (Chris Walker/Chicago Tribune)
Irish developer Garrett Kelleher’s company has lost control of the site on which he expected to build the Chicago Spire.
A Cook County Circuit Court judge has granted a request by Anglo Irish Bank Corp. Ltd., the lender to Kelleher’s Shelbourne North Water Street L.P., and appointed a receiver for the infamous hole in the ground that was supposed to become a twisting skyscraper addition to the city’s skyline.
Meanwhile, two local firms have purchased the delinquent property taxes on the stalled development site at 400 N. Lake Shore Drive, setting up a process for the bank or others to redeem the taxes. Get the full story »
Oct. 11, 2010 at 5:14 p.m.
Filed under:
Commercial real estate,
Real estate,
Updated
By Mary Ellen Podmolik
Three years after it was hired for work at the Chicago Spire site, a Des Plaines-based company’s effort to get paid $512,000 may be the final unraveling of Shelbourne Development Group’s plan to build what was supposed to be the tallest U.S. skyscraper.
Earlier this month, Anglo Irish Bank Corp., Ltd., the bank that gave Shelbourne funds to acquire the property at 400 N. Lake Shore Drive, filed a foreclosure lawsuit against Shelbourne. Anglo Irish said Shelbourne defaulted on its $77.3 million loan.
The bank is asking the court, among other things, to order a judgment of foreclosure and sale, and to put its claims ahead of all others. In the past two years, numerous firms that have worked on the project have placed liens against it, claiming they are owed more than $46 million for completed work.
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Sep. 8, 2010 at 1:52 p.m.
Filed under:
Construction,
Development,
Litigation,
Real estate
From Crain’s Chicago Business | The Chicago Spire was dealt another setback Wednesday when a federal judge tossed out a lawsuit by developer Garrett Kelleher seeking to avoid repayment of two loans.
The site for the proposed Chicago Spire skyscraper sits abandoned on April 1, 2010 in Chicago, Illinois. Work was suspended after the builder ran into financial troubles in 2008. (Scott Olson/Getty Images)
By Mary Ellen Podmolik |
The developer behind the Chicago Spire closed its posh sales office over the weekend, relocating the marketing arm for the long-stalled project to a much less grand office space nearby.
Shelbourne Development Group, which has been battling the owner of the NBC Tower for nine months, consolidated the sales function into its own office space at 111 S. Wacker. A spokeswoman for Spire developer Garrett Kelleher denied that the move signaled that the project was dead.
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