The Chicago Spire Hole Is Now Someone Else's Problem

[Photo via Flickr user Tom Ravenscroft]

This should put to rest any lingering hope that Irish developer Garrett Kelleher would magically come up with the money to continue building the Chicago Spire. The Trib reports and Crain's confirms, Shelbourne Development has lost control of the Spire site, and a receiver has been appointed for the land at 400 N. Lake Shore Dr. Shelbourne argued that it is the best candidate for maintaining the property and for finding a new buyer, but the court saw it differently. Now, to borrow a phrase, the hooley is officially over for the Celtic Tiger (whatever that means).
· Chicago Spire developer loses control of site [Trib]
· Developer loses control of Chicago Spire [Crain's]