Foreclosure threatens proposed tallest US tower

AP News
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Posted: Oct 11, 2010 2:45 PM
Foreclosure threatens proposed tallest US tower

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.

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Information from: Crain's Chicago Business.