Thanks again for watching....this was a fun one!
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This is the Chicago Spire. If completed, this would have been the tallest building in the Western Hemisphere and the second tallest in the world, standing at 2,000ft. This massive, multi-billion dollar project aimed to dwarf the Sears (Willis) Tower. Unfortunately, the project kicked off during one of the worst financial periods in American history, leading to a headline-grabbing and abrupt demise. However, recent developments offer new hope for the once-abandoned site. For one of the most intriguing stories I've ever covered, this is the Chicago Spire.
Background
In July 2005, Christopher T. Carley of the Fordham Company proposed the idea of the Fordham Spire, a 116-story building featuring hotel and condominium spaces topped with a broadcast antenna mast. Approved by the Chicago Plan Commission on March 16, 2006, and the Chicago Zoning Committee on March 23, it received final approval from the Chicago City Council on March 29. The Spire was set to be the second tallest building globally and the tallest freestanding structure in the Western Hemisphere, surpassing Toronto’s CN Tower.
Renowned Spanish architect Santiago Calatrava designed the Spire, with Garrett Kelleher and the Shelbourne Development Group leading the development. The project was well-received by many in Chicago, though some, including a young Donald Trump, raised concerns about its viability and potential as a terrorist target.
Plans
By late 2005, Carley and Fordham Company failed to secure financing, leading Kelleher and Shelbourne Development to take over. Kelleher renamed the project "Chicago Spire," committing to provide 100% of the equity. In late 2006, Shelbourne announced that construction would begin in June 2007, with design revisions eliminating the hotel and antenna mast, making the building solely condominiums. The redesign faced criticism but received approval from the Chicago Plan Commission and City Council in 2007. By then, 350 of the 1,193 units were already sold, but the financial crisis loomed.
Construction and Failure
By 2008, the Great Recession heavily impacted the project. Construction was suspended, and Calatrava placed an $11.34 million lien on the site for unpaid fees. Anglo Irish Bank, the primary lender, faced near-collapse, and Shelbourne had to repay the $69.5 million it had borrowed.
In late 2009, litigation and additional liens further threatened the project. The owner of NBC Tower sued Shelbourne for $316,000 in unpaid lease payments. Bank of America filed a lawsuit for $4.92 million in unpaid loans. Despite discussions of a $170 million union loan to restart construction, financing efforts failed. In October 2010, Anglo Irish Bank filed a $77 million foreclosure lawsuit against Kelleher, effectively ending the project. By the end of the year, the courts appointed a receiver to take control of the site.
Following Years
In 2013, Ireland's National Asset Management Agency (NAMA) put the Chicago Spire site up for sale, attracting multiple offers. Shelbourne attempted to regain control but failed. In 2014, Related Midwest acquired the property, announcing they would not build the Spire.
In 2018, Garrett Kelleher filed a federal lawsuit claiming $1.2 billion in damages from NAMA, accusing them of preventing the project's completion. The lawsuit, however, did not succeed due to jurisdiction issues.
Related Midwest, which bought the bankrupt site, announced plans for a two-building development on the same location. While these buildings won't reach 2,000 feet, their designs are noteworthy. As construction progresses, I'll cover them in a future video, so stay tuned.
The Chicago Spire stands as one of the 21st century's most dramatic "could-have-beens," with its unique design potentially making it one of Chicago's greatest landmarks, adding to its impressive skyline.
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This video contains copyrighted material used under the guidelines of fair use. The purpose of this video is to provide commentary and critique on the Chicago Spire's story, and the content is transformative in nature. It is used for educational purposes, with the intention to inform and entertain viewers. All rights to the copyrighted material are retained by the respective owners.
13 июн 2024
