Developer Of Spire Seeking To Revive 2,000-Foot Skyscraper Project
CHICAGO (CBS) -- An ambitious plan to build a 2,000-foot skyscraper in Streeterville could be getting new life, after the developer of the Chicago Spire reportedly found an investor to help it emerge from bankruptcy.
According to multiple news reports, Irish developer Garrett Kelleher's firm, Shelbourne North Water Street LP, has asked a bankruptcy court judge to approve a $135 million investment from Atlas Apartment Holdings LLC, to pay off Shelbourne's creditors, and fully fund its reorganization.
Crain's Chicago Business reports, if approved by the court, the investment would allow Shelbourne to jumpstart plans for the twisting 150-story "Chicago Spire" condo building at 400 N. Lake Shore Dr.
The project stalled in 2008, largely due to the foreclosure crisis, and the only work that had been done at the time was the completion of a 76-foot-deep foundation for the skyscraper.
It's unclear how Kelleher plans to fund remaining construction of the Spire, how soon work could resume, or when he expects it could be completed.
If completed, the Spire would be the tallest building in the western hemisphere.
According to news reports, Shelbourne is seeking to have his reorganization plan confirmed by the court by Aug. 31. Under the plan, some or all of the 2.2-acre property could be transferred to Atlas.
