And so the dirge begins. The end for the long, long-awaited Santiago Calatrava-designed Chicago Spire draws nigh. Its developers failed to meet a court-ordered October 31 deadline to pay off creditors and hold on to the project. The beleaguered endeavor, which got a shot of optimism earlier this year after promise of new investments, is now good as dead, as Related Companies, the real estate firm that acquired much of the project's loans in 2013, wants ownership of the land ASAP.
The envisioned 2,000-foot tower, which broke ground in spring 2007, had ambitions of becoming Chicago's tallest building and a dazzling new architectural icon. But construction workers got so far as digging a 76-foot deep hole, as the project fell victim to the great recession in 2008 and failed to climb out of bankruptcy for almost a decade. The deadline last Friday mandated that the developers, Shelbourne Development Group and Atlas Apartment Holdings, pay Related at least $22M to keep the project alive. As the Chicago Tribune reports, minutes after the midnight Friday deadline, Related filed a motion for Shelbourne to turn over the deed to the 2.2-acre site. Related also sounds pretty upset that the process for transferring ownership hasn't already begun if the developers weren't going to make the payment, a complaint that will certainly be addressed in an official hearing in the U.S. Bankrupcy Court tomorrow morning. For now, though, it's so long to Chicago's would-be twirly showstopper.
· The Saga of the Chicago Spire Quickly Approaching Its End [Curbed Chicago]
· Related to Spire developer: Where's the deed? [Chicago Tribune]
· What's Next for Santiago Calatrava's Troubled Chicago Spire? [Curbed National]
· All Chicago Spire posts [Curbed National]
· All Santiago Calatrava posts [Curbed National]