Two days after Crain's broke the story that Shelbourne Development, the developer of the failed Chicago Spire, was hit with a $77-million foreclosure suit, other news outlets are coming inside after the long weekend and reacting to the news. The general consensus: It's a bummer, but we knew it was coming. Now, it's time to look forward and turn from what'll-we-do-with-that-friggin-hole jokes to more serious questions about the Spire parcel. For that, Tribune architecture critic Blair Kamin tracked down Chris Carley, a principal of the Fordham Company, the developer who originally announced plans for the Fordham Spire way back in 2005. Carley still as a financial interest in the property, and he expects a less-ambitious mixed-used development to be built on the site. Last month, Kamin reported that Irish developer Garrett Kelleher and Santiago Calatrava had been in talks about a smaller two-building project that would be built in phases. For now, that concept looks as dead as the Spire, but maybe in the distant future another developer (like, say, the Fordham Company) could hire the Spanish starchitect to dazzle with his watercolor sea shells.
· Spire looking dead; original developer says Calatrava still could shape site [Trib]
· Chicago Spire Developer Hit With $77-Million Foreclosure Suit [Curbed]