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Chicago Spire Developer Hit With $77-Million Foreclosure Suit

[Photo via Flickr user Tom Ravenscroft]

Sayonara, Chicago Spire. Anglo Irish Bank, the Spire's largest lender, hit Shelbourne Development with a $77-million foreclosure suit earlier this month, "likely certifying the death of the ballyhooed project," according to a Crain's report. (The article is hidden behind a paywall, but you can access it by signing up for a free trial.) The bank will likely take control of the property and try to sell it, according to the article, and Michael Reschke, another Chicago developer, tells Crain's that the land could be worth only $30 million—less than half what Shelbourne shelled out for it in '06. Think that loss in value has anything to do with the massive crater in the middle of the site?
· Foreclosure suit finishes off developer Kelleher's Spire (subscription) [Crain's]

Chicago Spire

400 North Lake Shore Drive, Chicago, IL 60611 Visit Website