Chicago Spire Project Dead, Site Deed Goes to Related Midwest
- Nov 07, 2014
The site of the former Chicago Spire supertall skyscraper is now in the hands of developer Related Cos., after investor Atlas Apartment Holdings, LLC failed to make a $22 million payment to the creditors by October 31st. Reports indicate that Related’s Midwest unit will now take over the 2.2-acre site at 400 N. Lake Shore Drive, which currently consists of nothing but a massive hole in the ground.
The Spire project, located in Chicago’s upscale Streeterville neighborhood, was spearheaded by Irish developer Garrett Kelleher and Shelbourne North Water Street LP, and designed by world-famous architect Santiago Calatrava. If completed, the 150-story, 2,000-foot-tall luxury apartment tower would have become the second tallest building in the world, surpassed only by the Burj Khalifa, and the tallest building in the Western Hemisphere. Construction on the tower stopped in the late 2000’s due to the financial crisis and major debt.
In early 2014, Atlas Apartment Holdings, LLC announced a partnership with Shelbourne and an investment of up to $135 million in the Spire project. However, the developer failed to pay off the project’s creditors in time, and the site went to Related Midwest. Curt Bailey, president of Related Midwest, told the press that the company intends to bring an “architecturally significant and thoughtful development” to the Lake Shore Drive location. The former Spire development will be an important addition to the company’s portfolio in the area, which includes the 840 Lake Shore Drive condominium tower and the luxury rentals at 500 N. Lake Shore Drive.
Rendering courtesy of Shelbourne Development
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