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Un-Arrested Development: Chicago Spire Site

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The Wall Street Journal is citing a "person familiar with the deal" to report Related Midwest has agreed to buy the discounted debt on the ill-fated Chicago Spire property put up for sale earlier this year. While the Irish National Asset Management Agency offered up the gaping Spire hole's $93M in debt, interest, and penalties in March, it's unclear how much Related will pay for the loan. When Irish developer Garrett Kelleher initially purchased the property in 2006, he paid $64M. Kelleher's firm still holds title, so in order for Related to launch any new project (of undefined nature), some additional measures would be required. According to the report, the deal is expected to close this month. [WSJ, previously]

Chicago Spire

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