Plans to build the tallest tower in the nation are in the balance after a lender filed a foreclosure lawsuit against the Chicago Spire's developer.
Crain's Chicago Business is reporting that Anglo Irish Bank Corp. filed the $77 million lawsuit against Irish real estate developer Garrett Kelleher this month. The lawsuit alleges that Kelleher's Shelbourne Development Ltd. has defaulted on loans that matured a year ago.
Anglo Irish is expected to take possession of the 2.2-acre site overlooking Lake Michigan. The Irish government took over the bank last year.
A call seeking comment from Shelbourne Development was not immediately returned Monday.
Ground was broken in 2007 for the 2,000-foot Chicago Spire designed by Santiago Calatrava. The site has been dormant since 2008.
Information from: Crain's Chicago Business.