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Old October 11th, 2010, 11:11 PM   #9681
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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/2...ago-spire.html
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Old October 12th, 2010, 02:16 AM   #9682
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Originally Posted by Flubnut View Post
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.

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Old October 12th, 2010, 02:59 AM   #9683
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Originally Posted by Flubnut View Post

Horribel news.... but expected....

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.

for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9

But north of the gulf, the first inhabitants are Greeks called Epirotes....
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Old October 12th, 2010, 05:50 PM   #9684
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Originally Posted by chicagogeorge View Post
Horrible news.... but expected....

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.
Here is hoping it's not another 25 years. Sad to see this one is finally dead in the water but, it isn't a surprise to anyone who has been paying attention.

Let the speculation begin...
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Old October 12th, 2010, 08:19 PM   #9685
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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.

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Old October 13th, 2010, 05:34 AM   #9686
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We need a Calatrava still.

And maybe eventually we will get a calatrava

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Old October 13th, 2010, 06:47 PM   #9687
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wait so that means that the 2 smaller towers also won't get built??
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Old October 16th, 2010, 08:23 PM   #9688
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From WSJ: http://topics.wsj.com/article/SB2000...911265890.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
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Old October 17th, 2010, 07:33 AM   #9689
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^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:

Diagram from SSP
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Old October 18th, 2010, 05:19 PM   #9690
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Old November 5th, 2010, 06:37 AM   #9691
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So sad news Was really looking forward to seeing this project finished.
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Old December 8th, 2010, 08:50 AM   #9692
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Spire developer loses control of site in foreclosure suit
2 local firms have purchased delinquent property taxes

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Old December 8th, 2010, 09:59 AM   #9693
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Okay. I'm offically done tracking this as well then.
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Old May 31st, 2013, 02:48 AM   #9694
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Note: The Spire site is currently for sale and so as a postscript (and VERY remotely possibly more), I'm including this article. We'll see what comes of this!

Spire Site Lives Again

Related, DeBartolo among bidders.

As the housing market recovers, bidders are emerging for the note on the stalled Chicago Spire condominium property, once slated to be North America's tallest building.

Ireland's National Asset Management Agency, or NAMA, a so-called bad bank that is charged with managing that country's distressed real-estate assets, has received at least a half-dozen offers in the initial round of bidding for about $93 million in soured debt it holds on the property, according to people familiar with the bidding.

Among the bidders, according to these people, is DeBartolo Development of Tampa, Fla., and Stephen Ross's Related Cos. of New York. Both bidders are already active developers in downtown Chicago. DeBartolo is building a 42-story apartment tower known as Optima Center Chicago near tony Michigan Avenue. The company specializes in distressed real estate and development of all types, according to the firm's website. DeBartolo didn't return calls for comment.

Related Midwest, a unit of Related of New York, is also developing rental towers in Chicago. This month, it began renting luxury apartments at the 47-story 500 Lake Shore Dr. Last year, a Related venture also resumed construction on a stalled Chicago skyscraper at 111 West Wacker Dr. that it is converting into a rental-apartment tower.

Although all of the bids were lower than the debt on the property, that the note received serious bids at all is the latest sign that competition for prime land parcels in downtown Chicago is gaining momentum, brokers said. "The buzz is out and people want to explore the condominium potential of various sites," said Gail Lissner, vice president of Appraisal Research Counselors, a Chicago real-estate research firm.

The Chicago Spire has also received interest from its original developer, Garrett Kelleher, who still holds title to the property but lost day-to-day control of it to a receiver in 2010. The developer also is considering a bid to take back control of the property, according to people familiar with the matter. Last month, Mr. Kelleher met with NAMA and proposed paying off the loan in a bid to take back control of the property, which is now overseen by a receiver, according to people familiar with the matter. This month, Mr. Kelleher visited the site in Chicago with a potential investor.

A NAMA spokesman said the agency couldn't comment on specific properties but noted that it can only sell an asset to a defaulted debtor if the borrower can fully repay its debt. Mr. Kelleher couldn't be reached for comment. He still owns the two-acre site that has been entangled for years in a foreclosure suit initially brought by Lorig Construction Co., which built ramps to the site.

The only visible evidence of the ambitious tower he had planned is a cylindrical 76-foot-deep foundation hole and a ramp access to nearby Lake Shore Drive. Any potential buyer of the note or investor who partnered with Mr. Kelleher could have to consider the risk and cost associated with resolving the foreclosure case.

The prime downtown parcel near the city's popular Navy Pier offers views of Lake Michigan and has long tantalized investors. It is approved for a 150-story tower with 2.3 million square feet and is being marketed as a site that offers "the opportunity to build a new landmark as iconic as the John Hancock Building or the Willis Tower," according to marketing materials being circulated by real-estate-services firm Jones Lang LaSalle .

Ultimately, any new owner of the property is likely to scale it down from the original plan for about 1,200 condo units.



June 24 2013:

Related Midwest Emerges As Buyer Of Chicago Spire Debt

Related Midwest has emerged as the leading bidder for the debt on the site of the failed Chicago Spire, a prime Lake Shore Drive property that has been ensnared in litigation for more than three years, according to people familiar with the transaction.

Related Midwest, a unit of New York-based Related Cos., would buy about $93 million in debt on the 2.2-acre property from Ireland's National Asset Management Agency, or NAMA. Irish developer Garrett Kelleher planned on building a 150-story condominium tower on the site and spent millions on foundation work. But the market crashed and the project has been tied up in foreclosure since 2010.

It's unclear how much Related Midwest would pay for the debt on the property, but it's likely that the price will be much lower than the $93 million Mr. Kelleher owes. To take over the property, Related Midwest would still need to complete the foreclosure process or work out a deal with Mr. Kelleher and other creditors. The Wall Street Journal first reported the news that Related had agreed to buy the Spire site. NAMA in March hired Jones Lang LaSalle Inc. to sell the Spire debt. Representatives of Related, NAMA and Jones Lang declined to comment.

The Spire deal would add another property to Related Midwest's already full development pipeline in Chicago. The firm recently opened a 500-unit apartment tower just two blocks north, at 500 N. Lake Shore Drive, and is building another 504 apartments at 111 W. Wacker Drive, the site of the aborted Waterview Tower project. A venture including Related Midwest also took over about 500 unsold condominiums in three failed South Loop towers in 2012, restarting sales at the buildings earlier this year. Related Midwest's main competition for the Spire property was DeBartolo Development LLC, a Tampa, Fla.-based firm that has also been active in the Streeterville neighborhood. A DeBartolo executive was not immediately available for comment.

It's unclear what Related Midwest would build on the Spire property. Though the apartment market is hot, a construction boom is already well underway, fueling talk of a potential glut. Condos, meanwhile, are an increasingly appealing option as the residential market continues to rebound from a prolonged slump. Construction of tall towers has yet to restart, but the recovery, assuming it continues, will eventually stir the animal spirits of high-rise developers.

Read more: http://www.chicagorealestatedaily.co...#ixzz2XC4CFAlr
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It was Related! But they still do not own the site, Kelleher does so they may opt to sell their interest in those liens to Kelleher (very unlikely) or do a deal with Kelleher for the site and any additional interest he owns in the Spire, along with negotiating settlements with other creditors. Then Related can begin to plan whatever comes next. As the article states, the market is long in the tooth for apartments but the field is wide open for condos. That bodes well for something significant. Build the Spire? Anything can happen!
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Last edited by desertpunk; June 25th, 2013 at 06:20 AM.
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Old November 16th, 2013, 01:07 AM   #9695
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CHICAGO | Chicago Spire | 610m | 2000ft | 150 fl | Pro

Chicago Spire developer hopes to revive project

The bankruptcy battle over the failed Chicago Spire is moving from Delaware to Chicago under an agreement that also gives the project's developer until mid-March to come up with a plan to pay off its creditors.

Garrett Kelleher, the Irish developer who planned to build the 2,000-foot-tall condominium tower, is feeling confident he can meet that deadline and restart the project, said his lawyer, Thomas Murphy. Mr. Kelleher is in discussions with deep-pocketed investors interested in providing financing, he said.
“Garrett Kelleher is very committed to the Chicago Spire,” Mr. Murphy said. “We're coming out of the perfect storm, and Garrett thinks this is the perfect product.”

The Chicago Spire would have been the tallest building in the Western Hemisphere, eclipsing even the New World Trade Center in New York, which won that title yesterday.

Yet the fate of the development site at Lake Shore Drive and the Chicago River will be decided in Bankruptcy Court. Related Cos. acquired about $80 million in delinquent debt on the property over the summer, and then filed an involuntary Chapter 11 petition last month in U.S. Bankruptcy Court in Wilmington, Del. Before that, Mr. Kelleher had been wrangling for about three years with creditors that wanted to foreclose on the property.

Judge Kevin Carey on Nov. 8 approved a deal between a Kelleher partnership and Related to move the Chapter 11 case to Chicago from Wilmington. Related and other creditors had objected to the move, calling it delaying tactic, but dropped their opposition as part of a larger agreement that requires the Kelleher partnership to file a bankruptcy reorganization plan by March 14.

A Related executive declined to comment, and a Related lawyer did not return a call.

The Outbreak: A free browser online strategy game. Build up your town and compete with other towns economicaly and militarily.
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Old November 16th, 2013, 01:15 AM   #9696
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Old November 16th, 2013, 01:15 AM   #9697
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Looks like it's Chicago's turn for development boom.

Patience has it's rewards.

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Old November 16th, 2013, 01:16 AM   #9698
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I definitely wouldn't mind seeing this revived. Thanks for the post, Kanto.

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Old November 16th, 2013, 01:22 AM   #9699
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Hopefully they would revise the design a little. It has nice potential, but it looks EXACTLY like a drill bit. I minor tweak could fix that
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Old November 16th, 2013, 01:27 AM   #9700
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like mentioned in the article, the inevitable is being delayed. I doubt the spire will be revived but the question is what will become of the afterwards?
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chicago, santiago calatrava, spire, tallest, tower

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