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FINISH THE CHICAGO SPIRE
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Keep the Faith

Like it was mentioned earlier ,The SWFC was delayed. I was looking foreward to visiting the Windy City last Summer looking foreward to the progress,even though we did'nt end up going anyway.. Once the economy picks up,and it will,things should get moving.:banana:
 

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Looking less and less likely....:wallbash:

Bank of America Sues Developer of Chicago Spire Tower

By Andrew Harris

Aug. 13 (Bloomberg) -- Bank of America Corp. sued Shelbourne Development Group Inc., which started to build and then halted construction on the planned 150-floor Chicago Spire condominium tower, claiming the company has defaulted on a loan.

The Charlotte, North Carolina-based lender, in a lawsuit filed today at the U.S. District Court in Chicago, said it’s seeking $4.9 million in principal, interest and associated fees and expenses from Shelbourne and its chairman, Garrett Kelleher, who is said to have guaranteed the obligation.

Shelbourne failed to show Bank of America last year that it had obtained an irrevocable construction loan commitment from a lender or lending syndicate, leading the bank to declare a default, according to the complaint.

Located on the north side of the Chicago River close to where it meets Lake Michigan, the Spire was planned to be the tallest building in North America. The elongated spiral structure was designed by architect Santiago Calatrava.

The planned 2,000-foot (610-meter) building would contain 1,194 residences, making it the world’s tallest residential tower, according to a fact sheet issued by the developer.

Each floor of the twisting structure rotates 2.4 degrees, making a full 360-degree turn as it rises. Shelbourne had said it sold more than 30 percent of the apartments in the building.

Foundation in Place

Work on the project stopped late last year after the cylindrical foundation was dug and reinforced.

“It’s on hold,” the developer’s outside spokeswoman, Kim Metcalfe of Weber Shandwick, said in a phone interview. Shelbourne is “waiting for the economy to rebound” before proceeding, Metcalfe said.

Calatrava and the Chicago-based architectural firm Perkins & Will have each filed liens against the project to ensure payment, she said. Each of those claims, and the bank’s lawsuit “will be addressed in the order they were filed,” Metcalfe said.

Chicago is already home to the tallest building in North America, the Willis Tower. Formerly known as Sears Tower, the 110-story building was renamed last month after the London-based insurance broker Willis Group Holdings Ltd. agreed to lease more than 140,000 square feet of space on three floors.

The retailer now known as Sears Holdings Corp. moved into the building in 1973, remaining there for 19 years before relocating to suburban Hoffman Estates.

The case is Bank of America NA v. Shelbourne Development Group Inc. 09cv4963, in the Northern District of Illinois (Chicago).

To contact the reporter on this story: Andrew M. Harris at the federal court in Chicago: [email protected].

Last Updated: August 13, 2009 18:26 EDT

LINK
 

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Bank of America Sues Developer of Chicago Spire Tower

Bank of America Corp. sued Shelbourne Development Group Inc., which started to build and then halted construction on the planned 150-floor Chicago Spire condominium tower, claiming the company has defaulted on a loan.

The Charlotte, North Carolina-based lender, in a lawsuit filed today at the U.S. District Court in Chicago, said it’s seeking $4.9 million in principal, interest and associated fees and expenses from Shelbourne and its chairman, Garrett Kelleher, who is said to have guaranteed the obligation.

Shelbourne failed to show Bank of America last year that it had obtained an irrevocable construction loan commitment from a lender or lending syndicate, leading the bank to declare a default, according to the complaint.

Located on the north side of the Chicago River close to where it meets Lake Michigan, the Spire was planned to be the tallest building in North America. The elongated spiral structure was designed by architect Santiago Calatrava.

The planned 2,000-foot (610-meter) building would contain 1,194 residences, making it the world’s tallest residential tower, according to a fact sheet issued by the developer.

Each floor of the twisting structure rotates 2.4 degrees, making a full 360-degree turn as it rises. Shelbourne had said it sold more than 30 percent of the apartments in the building.

Foundation in Place

Work on the project stopped late last year after the cylindrical foundation was dug and reinforced.

“It’s on hold,” the developer’s outside spokeswoman, Kim Metcalfe of Weber Shandwick, said in a phone interview. Shelbourne is “waiting for the economy to rebound” before proceeding, Metcalfe said.

Calatrava and the Chicago-based architectural firm Perkins & Will have each filed liens against the project to ensure payment, she said. Each of those claims, and the bank’s lawsuit “will be addressed in the order they were filed,” Metcalfe said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ak8sOnk_SxXw
 

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Bank of America Sues Developer of Chicago Spire Tower

Bank of America Corp. sued Shelbourne Development Group Inc., which started to build and then halted construction on the planned 150-floor Chicago Spire condominium tower, claiming the company has defaulted on a loan.

The Charlotte, North Carolina-based lender, in a lawsuit filed today at the U.S. District Court in Chicago, said it’s seeking $4.9 million in principal, interest and associated fees and expenses from Shelbourne and its chairman, Garrett Kelleher, who is said to have guaranteed the obligation.

Shelbourne failed to show Bank of America last year that it had obtained an irrevocable construction loan commitment from a lender or lending syndicate, leading the bank to declare a default, according to the complaint.

Located on the north side of the Chicago River close to where it meets Lake Michigan, the Spire was planned to be the tallest building in North America. The elongated spiral structure was designed by architect Santiago Calatrava.

The planned 2,000-foot (610-meter) building would contain 1,194 residences, making it the world’s tallest residential tower, according to a fact sheet issued by the developer.

Each floor of the twisting structure rotates 2.4 degrees, making a full 360-degree turn as it rises. Shelbourne had said it sold more than 30 percent of the apartments in the building.

Foundation in Place

Work on the project stopped late last year after the cylindrical foundation was dug and reinforced.

“It’s on hold,” the developer’s outside spokeswoman, Kim Metcalfe of Weber Shandwick, said in a phone interview. Shelbourne is “waiting for the economy to rebound” before proceeding, Metcalfe said.

Calatrava and the Chicago-based architectural firm Perkins & Will have each filed liens against the project to ensure payment, she said. Each of those claims, and the bank’s lawsuit “will be addressed in the order they were filed,” Metcalfe said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ak8sOnk_SxXw
More good news than bad... At least the company is still dedicated. Hopefully this $4.9m action will be more of a kick in the ass to get things rolling again.
 

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Spire Situation

Kind of makes me curious as to when the buyer's are going to be asking for their money back. Bad situation, that's for sure.

Hey, Trump might be pretty excited about this, however, as well as many other high end lux. condos--less competition? I guess that's the bright side....... if there is one for someone.
 
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