The Irish Government is to take control of many developments around the world that were due to be financed by Irish development companies following the collapse of the property market in Ireland and globally into a new asset management agency. Shelbourne developments is one of them. This development is almost certain to be taken over by Irish taxpayers for the agency.

Anglo Irish's foolishness is going to cost Irish taxpayers plenty in the end -- it would be as if, relative to our much larger economy, a single U.S. bank racked up a $3+ TRILLION bail-out bill, or if AIG had been 25X bigger. For all the whining about how big TARP was, Anglo Irish is nearly five times larger! Best not mention the Spire to any Irish taxpayers soon. From a NYT article by Landon Thomas Jr.,
http://www.nytimes.com/2010/09/01/business/global/01anglo.html:

"While Mr. Mathews and the government may be opposed on how to handle the problem, they agree on how absurd the lending practices at Anglo Irish were.

"Even by the standards of the global banking collapse, Anglo Irish stood out. From a loan book of about 75 billion euros when the government took over in 2009, Anglo Irish says that it has only about 12 billion euros in loans that it classifies as performing. The bank is expected to transfer 36 billion euros in troubled loans to the asset management agency — about half its existing loans.

" 'It was mad — a credit cocaine run,' said Mr. Mathews, his voice rising in frustration...

"It is not just in Ireland that the bank’s aggressive lending stood out. Through its private client division in Boston, Anglo Irish was one of the most wildly eager property lenders in the United States. It financed the construction of skyscrapers in Chicago and shopping centers in Boston, not to mention lending more than $500 million to a series of troubled and in some cases failed real estate projects in New York.

Have there been any other major buildings in Chicago that have been started and never finished?

Just a few years ago (like your post)...
http://www.skyscrapercity.com/showpost.php?p=6176652&postcount=5

And the MarchFirst headquarters-to-be sat as an abandoned reinforced concrete frame at Fulton & Ada for several years. Not sure whatever happened to it, though. Plenty of small condo projects (conversions & new construction) stalled out in marginal neighborhoods in 2009 and have been boarded up -- search the MLS for cheap multifamily buildings and you'll probably find them.

MarchFirst site photo:
http://www.bing.com/maps/?v=2&where1=1330%20W%20Fulton%20Market%2C%20Chicago%2C%20IL%2060607&encType=1

http://www.chicagotribune.com/news/opinion/ct-met-daley-unfinished-business-091120100912,0,1281875.story

Daley the Builder leaves unfinished business
Many major Chicago projects are in midstream — and some are in trouble — as the mayor prepares to retire

By Blair Kamin, Jon Hilkevitch and Dahleen Glanton, Tribune reporters
September 12, 2010

MAJOR PROJECTS

The Chicago Spire: Along with Chicago's Olympic bid, architect Santiago Calatrava's design for the twisting, 2,000-foot luxury condo tower symbolized Daley's drive to enhance Chicago's presence on the global stage. But construction on the tower, at 400 N. Lake Shore Drive, ground to a halt as the recession tightened its grip in 2008.

Recently, according to a source close to the project, developer Garrett Kelleher held discussions with Calatrava about a two-building project that would stand a better chance of success in the battered real estate market because it would be built in phases.

The project might include a hotel as well as condos, the source said. For economic reasons alone, the towers almost surely will be well short of 2,000 feet.

A Kelleher spokeswoman did not return calls.

"My understanding is that Kelleher is still out there working on financing," the source said..........
..

^^

I actually wouldn't mind a scaled down Spire. It had such an absurd slenderness ratio to begin with, that I feel it could be every bit as beautiful at 1,000 feet... and perhaps be more of an addition to the skyline instead of a beacon.

I'll take 2 shorter buildings in that location over 1 giant unicorn horn...

..



If he builds it (:colbert:the orginal Spire) they will come!

Nail, meet coffin...again:

Crain’s Chicago Business is reporting Anglo Irish Bank Corp. filed the $77 million lawsuit against Irish real estate developer Garrett Kelleher earlier this month. The lawsuit alleges loans made to Kelleher’s Shelbourne Development Ltd. matured a year ago and are in default.

Anglo Irish is likely to take possession of a 2.2-acre site overlooking Lake Michigan.

Source: http://chicagobreakingbusiness.com/2010/10/lawsuit-may-be-final-blow-for-chicago-spire.html

Nail, meet coffin...again:



Source: http://chicagobreakingbusiness.com/2010/10/lawsuit-may-be-final-blow-for-chicago-spire.html

from one of the comments. I guess there is always some hope someday for something there. Untill they rip out the foundations I will keep an eye on this lot.


aMcA Today at 4:16 pm

Never fear: the hole in the ground and foundations cost a fortune, and they retain their value. Some developer is going to have a big jump on the market – a couple years’ worth of work – in building a new skyscraper when the market will support it again.

Let’s just hope and pray that whoever does build there rings up Mr. Calatrava to design whatever goes there.

Nail, meet coffin...again:



Source: http://chicagobreakingbusiness.com/2010/10/lawsuit-may-be-final-blow-for-chicago-spire.html



Horribel news.... but expected....:ohno:


I would imagine the site will be taken over one day by another developer who will build a 40+ story tower (when the market turns around in 25 years), and a very deep parking garage. :lol:

Horrible news.... but expected....:ohno:


I would imagine the site will be taken over one day by another developer who will build a 40+ story tower (when the market turns around in 25 years), and a very deep parking garage. :lol:

Here is hoping it's not another 25 years. Sad to see this one is finally dead in the water (http://www.chicagonow.com/blogs/the-condoist/2010/10/the-chicago-spire-dead-in-the-water.html) but, it isn't a surprise to anyone who has been paying attention.

Let the speculation begin...

Yepper. At least the structure that is there will remain there and be available for use by someone else when the time and finances are right.

Mike

And maybe eventually we will get a calatrava

http://featuresblogs.chicagotribune.com/theskyline/2010/10/spire-looking-dead-original-developer-says-calatrava-still-could-shape-site-.html

wait so that means that the 2 smaller towers also won't get built??

From WSJ: http://topics.wsj.com/article/SB20001424052748704164004575548563911265890.html


Fading Hope
Chicago may soon lose bragging rights for being home to the country's tallest building.

That distinction belongs to Chicago's Willis Tower, which is 1,450 feet high. But that is soon to be eclipsed by the 1,776-foot One World Trade Center in New York that is now under construction, according to Marshall Gerometta, database editor for the Council on Tall Buildings and Urban Habitat in Chicago.

Chicago's hope has been tied to plans for Chicago Spire, a 2,000-foot tower designed by Spanish architect Santiago Calatrava slated to overlook Lake Michigan. But financial problems have stalled construction since 2008 on the proposed luxury residential building.

Most recently, Anglo Irish Bank Corp. moved to foreclose on a defaulted mortgage valued at about $77 million including interest and other unpaid charges held by the developer, Shelbourne Development, according to a recent filing in Circuit Court of Cook County, Ill. Lorig Construction Co. of Des Plaines, Ill. earlier filed suit seeking about $512,386 for what it alleged was unpaid work on the project.

The country's tallest building title "would go back to New York," if the Spire doesn't go forward and the New York building is completed as planned, said Mr. Gerometta, who is keeping an eye on the Spire's progress.

An attorney for the Spire's developer said the project isn't dead and Shelbourne still is seeking other sources of financing.

—Maura Webber Sadovi

^I read that earlier and honestly throughout this whole ordeal, from when the Fordham Spire was announced to its recent death*, it never entered my mind that this would keep 1WTC from being the tallest in the country. In fact, I can barely remember reading anything that tried to portray a race between Chicago and NY for the title until now.

In any case:
http://img535.imageshack.us/img535/1659/72557317.jpg
Diagram from SSP (http://skyscraperpage.com/diagrams/?searchID=48531800)
:tiasd:

:ohno: cheaters...

So sad news:( Was really looking forward to seeing this project finished.

RIP

Spire developer loses control of site in foreclosure suit
2 local firms have purchased delinquent property taxes

http://www.chicagotribune.com/business/ct-biz-1208-spire-20101207,0,5789947.story

Okay. I'm offically done tracking this as well then. :(