The Chicago Spire project will be revived following intervention by Tom Villanova, president of the Chicago and Cook County Building and Construction Trades Council (CBTC).
Villanova has entered discussions to loan $170m to project developer Shelbourne Development Group in a effort to resume construction of the project designed by Santiago Calatrava.
The Chicago Spire was to reach 2,000ft and open in 2011 and was touted to become North America's tallest tower, following the start of construction in 2007.
The Fordham Company was the original developer and the building was called as the Fordham Building.
Talks are now underway to see if Villanova's offer is accepted to recommence construction as a full union project which will create work for 1,000 workers.