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Monday, October 11, 2010

Chicago Spire - Bankrupt

There goes another one....

The Chicago Spire is a skyscraper that was under construction in the U.S. city ofChicagoIllinois, from 2005–2008. After several years of on-going financing challenges, including the recession that began in 2008 and when construction halted, in October 2010 the project has been all but scrapped. Anglo Irish Bank Corp., filing a $77 million foreclosure lawsuit against The Spire's Irish developer Garrett Kelleher, claims that loans made to Kelleher's development company, have been in default for a year. The bank is expected to take possession of The Spire site, currently a "big hole in the ground."

The building was designed by Spanish architect Santiago Calatrava and was beingdeveloped by St Patrick's Athletic owner Garrett Kelleher of Shelbourne Development Group, Inc.[2][3][7] If completed, at 2,000 feet (610 m) and with 150 floors, it will be among the world's tallest buildings and freestanding structures.[8] Originally proposed by Christopher T. Carley of the Fordham Company in 2005, the project was supported by many Chicagoans and city officials.[9][10][11]



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