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February 10, 2014

Chicago Spire developer to resume 2,000ft skyscraper project in US

Shelbourne North Water Street is considering resuming its 2,000ft Skyscraper Chicago Spire project after international residential developer Atlas Apartment agreed to $135m financing.

Shelbourne North Water Street is considering resuming its 2,000ft Skyscraper Chicago Spire project after international residential developer Atlas Apartment agreed to $135m financing.

The deal is yet to receive approval from the US bankruptcy court for the Northern District of Illinois. If approved, it will enable Shelbourne to pay off its creditors and support its restructuring, as well as work on the 150-storey condominium tower project.

Under the agreement, some or all of Shelbourne’s 2.2 acre property would be transferred to the international residential developer.

"The timing is better now than when this project commenced."

Atlas CEO Steven Ivankovich said that the company has been working with Garrett Kelleher for several months and now shares his vision for the Chicago Spire.

"This is a building that deserves to be built and built in Chicago," Ivankovich said.

"Atlas is committed to making this happen. The Spire will offer a very high-end product to a demanding local and international public."

Work on the residential building at the intersection of the Chicago River and Lake Michigan halted in 2008, due to the real estate downturn.

At that stage, only the 76ft deep foundation and underground garage for the skyscraper had been completed.

Shelbourne managing member Garrett Kelleherhe said: "Given the on-going recovery in the Chicago property market, the timing is better now than when this project commenced."

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