Chicago's supertall dreams will not be stopped. The famed Chicago Spire project, which has been in development hell for nearly a decade, may actually rise far above the city's skyline after all. The developer of the project has found an investor who is willing to front $135 million to pay off years old debts and reemerge the spire project out from bankruptcy. Construction of the skyscraper began in June 2007 but ceased in late 2008, when the global economic recession knocked the wind out of the Chicago real estate market. And all that was left of the lofty development was a gaping hole in the ground.
The 2,000 foot building was and still is an incredibly ambitious project. Designed by Santiago Calatrava, the 150 story corkscrew if completed, would contain 1,200 condo units. With the recent completion of One World Trade Center, (formerly known as the Freedom Tower) in New York City, and Chicago losing reigns as the city with the tallest building in the western hemisphere, this new hopeful attention to the Chicago Spire is likely to excite many residents in the Windy City. Under an agreement filed in court yesterday, the developer and investor hope to have a reorganization plan completed by August 31.
· Chicago Spire developer gets funding, wants to resume project [Tribune]
· Spire developer says it finds investor [Chi Real Estate Daily]
· New, Hopeful Attention Directed At Chicago Spire Hole [Curbed Chicago]