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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Aug 10, 2011 11:10 am 
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mambo wrote:
Chicago Spire developer sued for $5m
Bank of America has upped the ante against Irish property developer Garrett Kelleher and applied to a Chicago court for a summary judgment against him and his Shelbourne Development company for the repayment of more than $5m (€3.4m) in loans
http://www.independent.ie/business/iris ... 30170.html


US bank secures $5m judgment against builder Kelleher
A Summary judgment totalling over $5m (€3.5m) has been granted against property developer Garrett Kelleher and his Shelbourne Development company in the US, piling pressure on the embattled businessman.
http://www.independent.ie/business/worl ... 44188.html

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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Aug 28, 2011 1:04 am 
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http://www.chicagorealestatedaily.com/a ... oreclosure
Quote:
Spire developer faces home foreclosure
August 25, 2011
By: Mary E. Morrison

(Crain's) — With one bank pursuing a $77-million foreclosure suit against the Chicago Spire, another one now is trying to foreclose on the Gold Coast home owned by the failed project's developer, Garrett Kelleher.

Bank of America N.A. earlier this month filed a $12.02-million foreclosure suit on the Astor Street residence, a 9,000-square-foot Georgian mansion owned by a corporate entity controlled by the Irish developer.

The venture paid $8.5 million for the home in March 2007, county records show, back when Mr. Kelleher was promoting the Spire, a proposed 2,000-foot twisting tower on the lakefront that would have been the tallest building in North America.

But the condominium project at 400 N. Lake Shore Drive fizzled as the economy and housing market sank, leaving Mr. Kelleher with a big hole in the ground and a $77-million foreclosure suit from Anglo Irish Bank. Earlier this month, a judge ordered Mr. Kelleher to pay Bank of America $5.2 million over unpaid loans tied to the project.

.....(cont'd)


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Thu Dec 08, 2011 9:00 am 
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http://www.irishtimes.com/newspaper/fin ... 42840.html

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BANK OF Scotland is considering appointing a receiver to Shelbourne Development Group, the Garrett Kelleher-controlled property group behind the stalled Chicago Spire scheme.

A number of sources yesterday confirmed that the bank was preparing to appoint a receiver to Shelbourne Developments, which is said to owe it about €200 million.

It is understood that there are talks going on between the developer and the bank, which has been considering appointing a receiver for the last week.

Accountancy firm Grant Thornton is likely to be appointed to the company, should the bank go ahead and place it in receivership.

Developer Garrett Kelleher controls Shelbourne, which has a range of properties in Ireland, Britain, Europe and the US.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Mar 04, 2012 10:34 pm 
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http://www.independent.ie/business/ligh ... 38843.html

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'IT'S not something that I've just got involved in," said Garrett Kelleher, describing his role in producing the new star-laden crime thriller Rampart, which features the likes of Woody Harrelson, Sigourney Weaver and Steve Buscemi. "I first got involved in the film business in 2003."

Even so, the movie business marks a star-studded new direction in Mr Kelleher's career given that the property market has stalled. In the past he's also been involved with Dolmen stockbrokers and St Patrick's Athletic FC.



Just watched this. Glad I didn't pay to do so... :nin


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sat Mar 16, 2013 9:49 am 
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NAMA selling Chicago hole for $92.8m

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NAMA is selling a bad loan made to Dublin-based Shelbourne Development Group, which has dug an enormous hole to build the foundations of the planned Chicago Spire.

The loan, with a balance of $92.8m (€71.2m), comes with the right to develop the 2.18-acre site on the bank of the Chicago River in downtown Chicago, a source told Reuters.

The site, which is in one of Chicago's most expensive neighbourhoods, could support a $1bn project, the source said.


http://www.independent.ie/business/world/nama-selling-massive-hole-in-ground-for-928m-29131804.html


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sat Mar 16, 2013 2:20 pm 
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mr_anderson wrote:
NAMA selling Chicago hole for $92.8m

Quote:
NAMA is selling a bad loan made to Dublin-based Shelbourne Development Group, which has dug an enormous hole to build the foundations of the planned Chicago Spire.

The loan, with a balance of $92.8m (€71.2m), comes with the right to develop the 2.18-acre site on the bank of the Chicago River in downtown Chicago, a source told Reuters.

The site, which is in one of Chicago's most expensive neighbourhoods, could support a $1bn project, the source said.


http://www.independent.ie/business/world/nama-selling-massive-hole-in-ground-for-928m-29131804.html



In that area, rents have gone through the roof because of built up demand so it's possible that the spire might be built after all.
I hope it does get built eventually. It's an eyesore at the moment.

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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sat Mar 16, 2013 3:04 pm 
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murf wrote:
mr_anderson wrote:
NAMA selling Chicago hole for $92.8m

Quote:
NAMA is selling a bad loan made to Dublin-based Shelbourne Development Group, which has dug an enormous hole to build the foundations of the planned Chicago Spire.

The loan, with a balance of $92.8m (€71.2m), comes with the right to develop the 2.18-acre site on the bank of the Chicago River in downtown Chicago, a source told Reuters.

The site, which is in one of Chicago's most expensive neighbourhoods, could support a $1bn project, the source said.


http://www.independent.ie/business/world/nama-selling-massive-hole-in-ground-for-928m-29131804.html



In that area, rents have gone through the roof because of built up demand so it's possible that the spire might be built after all.
I hope it does get built eventually. It's an eyesore at the moment.



a lot lot more has been built in that part of the city compared with 10 years ago.

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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun May 19, 2013 9:01 am 
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Developer Kelleher in bid to restart building of Chicago Spire - -> http://www.independent.ie/business/iris ... 74079.html

Quote:
Developer Garrett Kelleher is vying to restart construction at a site in Chicago where he originally planned to build one of the world's tallest buildings – the $2bn (€1.5bn) Spire.
The businessman, spotted in Dublin yesterday, is understood to have been in contact with NAMA about acquiring the near-$93m (€72m) debt that the state body now owns and which is attached to the site.

there is more


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Jun 25, 2013 12:09 am 
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From NASDAQ, 24th June 2013

Quote:
Stephen Ross's Related Cos. of New York has an agreement to buy the discounted debt on the stalled Chicago Spire condominium property where North America's tallest building was once slated to rise, according to a person familiar with the deal.


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"Housing traditionally is not viewed as a great investment. It takes maintenance, it depreciates, it goes out of style". "So, why was it considered an investment? That was a fad. That was an idea that took hold in the early 2000's. And I don't expect it to come back. Not with the same force. So people might just decide, "I'll live in a rental." That is a very sensible thing for many people to do". Prof. Robert J.Shiller, Nobel Laureate in Economics, Feb 2013.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Jun 30, 2013 8:59 am 
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Kelleher fights to reverse sale of Chicago Spire - Roisin Burke -> http://www.independent.ie/business/worl ... 83241.html

Quote:
Developer turned film mogul Garrett Kelleher is suing to get the sale of the Chicago Spire site to billionaire Stephen Ross reversed.
Nama last week closed sale of the loan to real-estate tycoon Ross's firm Related Midwest on what was to be the site of a Santiago Calatrava-designed block of skyscraper art and America's tallest building. Ross bagged the loan note for less than 50c in the dollar, it is understood.
An initial court date is set for tomorrow in the US.

there is more


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Jul 21, 2013 8:37 am 
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Billionaire tried to pay top dollar for Chicago Spire - Roisin Burke -> http://www.independent.ie/business/worl ... 36075.html

Quote:
Irish property magnate Andy Ruhan has claimed that his company was prepared to offer €69m for the Chicago Spire loan which would have repaid the loan in full and was €42m more than the final sale price.

there is more


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Sep 15, 2013 10:36 am 
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http://www.businessweek.com/articles/2013-09-12/the-chicago-spire-a-93-million-hole-in-the-ground?campaign_id=otbrn.bw.anniv

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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Fri Feb 07, 2014 10:34 pm 
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Chicago Spire developer gets funding, wants to resume project - -> http://www.chicagotribune.com/business/ ... 6095.story


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Apr 30, 2014 2:41 pm 
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Bloomberg News @BloombergNews
“The skyscraper was born in this city." A builder's quest to tower over Chicago:

http://bloom.bg/1iCuNbJ
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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Aug 12, 2014 10:19 pm 
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NAMA takes businessman to court over €46.8m debt - Tim Healy -> http://www.independent.ie/irish-news/co ... 52257.html

Quote:
NAMA is pursuing a businessman for around €46.8m relating mainly to a limited guarantee on substantial loans made by the former Anglo Irish Bank for developments in Ireland, the US and Belgium.
The State agency claims that Garrett Kelleher is liable for €6.8m in loans, along with some €40m in guarantees relating to some €350m which is outstanding under loans for the developments.
Mr Kelleher will contend that he was assured he would not be pursued under his guarantee given his "extensive co-operation" with NAMA, his counsel Michael Cush SC told the Commercial Court.

there is more


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