Planned in 2005 as a towering residential high-rise, the Chicago Spire aimed to be the largest building in the western hemisphere at 2,000 feet. Construction stalled amid the recession in 2008, as Garrett Kelleher struggled to find the resources and meet deadlines needed to continue construction.
1. • Planned in 2005 as a towering residential high-rise, the Chicago Spire aimed to be the largest building in
the western hemisphere at 2,000 feet. Construction stalled amid the recession in 2008, as Garrett
Kelleher struggled to find the resources and meet deadlines needed to continue construction.
• In 2014, Related Companies took control of the site, which has yet to announce details on a future
project. Since 2002, Related Companies has brought to market more than $2 billion in 12 luxury
residential, mixed-use, and affordable developments in Chicago, totaling over 6,900 units.
Chicago
Chart of the week: March 30, 2015
Sources: JLL Research, Crain’s, Chicago Tribune, Curbed Chicago, Related Midwest, Chicagoist
July 2005: Christopher Carley and
architect Santiago Calatrava unveil plans
for sleek tower with 150 stories at 400 N
Lake Shore Drive.
July 2006: Irish developer Garrett Kelleher
takes over project from Fordham with
construction at an estimated cost of $2.4
billion.
June 2013: Related Midwest buys
$93 million of bank debt on the
Chicago Spire in a transaction
facilitated by JLL Capital Markets on
behalf of the lender.
October 2013: Kelleher
goes into bankruptcy.
Sept. 2010: A concrete contractor files a suit
against Kelleher's company, saying it is
owed $512,000. Lender Anglo Irish Bank
files suit, saying it is owed $77.3 million.
March 2015: Bankruptcy case
closes. Related plans a
replacement for the Spire with
architecturally significant building.
November 2014: Kelleher hands
over property to Related after failing
to pay $22 million of the $109 million
he owes them, by October 31st.
March 2015: Contractors and other secured
creditors get all their money back, but
unsecured creditors receive only $3.6 million
of the $5.1 million in claims they filed.
Late 2008: Work on the 150-story tower grounds
to a halt amid a slowing economy. Spanish
architect Santiago Calatrava, claiming he is owed
$11.3 million. A hole 76 feet deep and 100 feet
wide is left.
Ownership silent on future of Spire site
