Nov
01

Arrested Development: The Saga of the Chicago Spire Quickly Approaching Its End

November 01, 2014

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[photo via the Curbed Chicago Flickr pool/Zol87]

Today marks an important deadline for Chicago Spire developers Garrett Kelleher and Atlas Apartment Holdings: fork over $22 million to debt holder Related Companies, otherwise the country’s most famous hole in the ground belongs to them. The Tribune has reported that in an email sent from Kelleher’s lawyer to city officials, it appears that the developers will be unable to deliver the money needed to keep the project moving forward. The tone of the email certainly has a tone of closure to it, stating that,

Any bridge loan does not seem likely at this point and without an extension, equally unlikely, the property will revert to Related who bought the first mortgage from the Irish government. All creditors will be paid on an agreed schedule. As always it was great to work with you on this effort.

The team still has a few more hours to hope for a Hail Mary, however, it just does not appear likely to happen. The Santiago Calatrava designed Spire was an incredibly ambitious project from the beginning, but hit turbulent waves during the great recession, and ultimately stalled out in 2008. And after years of sitting idle, some good news came earlier this year when Kelleher’s partnership with Atlas Apartment Holdings was announced. However, if the developers fail to find the cash in the next few hours, the relationship is doomed to dissolve. And at long last, perhaps it is time to finally say goodbye and accept the fact that Chicago’s corkscrewing 2,000 foot tower will never actually be.

·Say goodbye to the Chicago Spire? [Tribune]

·What’s Next for Santiago Calatrava’s Troubled Chicago Spire? [Curbed Chicago]

·Previous Chicago Spire coverage [Curbed Chicago]

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