Bank of America sues Irish developer of Chicago Spire
Saturday August 15 2009
IRISH developer Garrett Kelleher and his Shelbourne Development group are being jointly sued for nearly $5m (€3.5m) by Bank of America amid claims that repayments on a loan given by the financial institution have not been made.
Mr Kelleher’s company has been planning to build the world’s tallest residential building, the Chicago Spire, in the American city. Ambitious Plans for the 150-storey, 2,000- foot high skyscraper were unveiled in 2006 after Mr Kelleher’s company acquired land in the city.
Construction began in 2007, and while about 30pc of the apartments in the Spire were subject to advance sales, development has ground to a halt. The scheme was to be partfinanced by the now nationalised Anglo Irish Bank, which had loaned as much as $66m (€46.3m) for the development.
Shelbourne Development maintains the ambitious project will proceed, but that an economic recovery must be in sight before construction recommences.
The Spire was designed by renowned Spanish architect Santiago Calatrava. He later sued for millions of euro in what he claimed were unpaid fees. .....(cont'd)