The Chicago Spire site, currently the city’s most-watched hole in the ground, has had false starts before. This week The Wall Street Journal reported that Related Cos. of New York signed on to buy the stalled project’s debt, raising suspicions that development might proceed on the riverfront site.
Santiago Calatrava’s twisting tower design was to stand 2,000 feet high and house condos, but the $64 million land bordering Lake Shore Drive in Streeterville sat idle after the recession hit in 2008. The troubled project has been tangled up in litigation ever since.
Ireland’s National Asset Management Agency put the project’s $93 million in debt on the market earlier this year. While Irish developer Garett Kelleher’s firm still holds title to the parcel, and Related’s reported deal remains up in the air, speculation swirls around the site which not long ago was prepared to house the nation’s tallest building.