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Construction on Calatrava's Chicago Spire Could Resume Thanks to New Investment
Back in 2008 we wrote about Calatrava’s spiraling Chicago Spire, which was to become America’s tallest structure and the second tallest in the world. Since then, construction on the soaring 2,000-foot-high tower has been stalled due to the financial crisis, leaving a 76 foot by 110 foot hole in a major waterfront location where a record-breaking building should have been. All that could change, however, if developers come through on their promise to inject new funds into the project.
According to local reports, Atlas Apartment Holdings LLC pledged up to $135 million to pay back the creditors of the Chicago Spire and bring it out of bankruptcy. The original scheme developed by Shelbourne Development Group will be saved and its Chairman, Garrett Kelleher claims that the present time is actually better for this type of investment than it was when the project started.
It remains uncertain whether the investment made by Atlas Apartment Holdings LLC will help finish the project that went into foreclosure back in 2010. But if it does, the building will include residential units with apartments costing between $700,000 and $40 million.
Lead image by Flickr user SolarWind – Chicago
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