The International Information Center for Structural Engineers

Items filtered by date: Monday, 10 February 2014

Irish Developer Garrett Kelleher announced on Thursday that he has found an investor willing to pay his company’s creditors.  He hopes that this news will allow construction to resume in the near future on the Chicago Spire. The Chicago Spire project began in 2005, and the tower’s design would make it the largest building in the western hemisphere once completed. The 2,000-foot, 150-floor skyscraper was planned to include 1,193 luxury condominiums. The building was designed by Spanish architect Santiago Calatrava and was developed by Garrett Kelleher’s company Shelbourne Development Group, Inc. The project’s primary lender faced financial problems in 2008 caused by the United State’s recession and housing market meltdown, and construction was suspended on the site. Since 2008, Shelbourne Development has continued to try to find financing for the project, but legal actions taken by Anglo Irish Bank caused the Spire project to be handed over to a receiver. The 76-foot by 110-foot hole in the ground along Lake Michigan where the Spire was supposed to be built has not been touched in the last six years.