Well they ran out of time to complete the financing compontent, so Related get's the site.
Quote:
It's official: The Chicago Spire is dead
Chicago Real Estate Daily
04 October 2014
David Lee Mathews
Chicago developer Related Midwest LLC has taken control of the Chicago Spire development site, putting an end to a big bubble-era dream that stalled once the housing crisis hit.
Chicago bankruptcy lawyer Joseph D. Frank, who represents Spire developer Garrett Kelleher, confirmed today that his client handed over the property at 400 N. Lake Shore Drive to its biggest creditor after failing to make a required payment late last month.
Under the approved bankruptcy plan, Mr. Kelleher's venture had until Oct. 31 to pay Related more than $109 million.
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source:
http://www.chicagobusiness.com/reale...-spire-is-dead
Disappointing to say the least, but I'm still optimistic someone more capable will pick up the project. This might still have legs. It would be wroth the time.
