{"id":1004107159,"date":"2014-11-07T09:52:45","date_gmt":"2014-11-07T17:52:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=304763"},"modified":"2020-04-01T01:02:54","modified_gmt":"2020-04-01T09:02:54","slug":"chicago-spire-project-dead-site-deed-goes-to-related-midwest","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\/","title":{"rendered":"Chicago Spire Project Dead, Site Deed Goes to Related Midwest"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\n

\"\"<\/a><\/p>\n

Chicago Spire<\/p>\n<\/div>\n

The site of the former Chicago Spire supertall skyscraper is now in the hands of developer Related Cos., after investor Atlas Apartment Holdings, LLC failed to make a $22 million payment to the creditors by October 31st<\/sup>. Reports<\/a><\/em> indicate that Related\u2019s Midwest unit will now take over the 2.2-acre site at 400 N. Lake Shore Drive, which currently consists of  nothing but a massive hole in the ground.<\/p>\n

The Spire project, located in Chicago\u2019s upscale Streeterville neighborhood, was spearheaded by Irish developer Garrett Kelleher and Shelbourne North Water Street LP, and designed by world-famous architect Santiago Calatrava. If completed, the 150-story, 2,000-foot-tall luxury apartment tower would have become the second tallest building in the world, surpassed only by the Burj Khalifa, and the tallest building in the Western Hemisphere. Construction on the tower stopped in the late 2000\u2019s due to the financial crisis and major debt.<\/p>\n

In early 2014, Atlas Apartment Holdings, LLC announced a partnership with Shelbourne and an investment of up to $135 million in the Spire project. However, the developer failed to pay off the project\u2019s creditors in time, and the site went to Related Midwest. Curt Bailey, president of Related Midwest, told the press that the company intends to bring an \u201carchitecturally significant and thoughtful development\u201d to the Lake Shore Drive location. The former Spire development will be an important addition to the company\u2019s portfolio in the area, which includes the 840 Lake Shore Drive condominium tower and the luxury rentals at 500 N. Lake Shore Drive.<\/p>\n

Rendering courtesy of Shelbourne Development<\/em><\/p>\n

Click here<\/a> for more market data on Chicago<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The site of the former Chicago Spire supertall skyscraper is now in the hands of developer Related Cos., after investor Atlas Apartment Holdings, LLC failed to make a $22 million payment to the creditors by October 31st.<\/p>\n","protected":false},"author":192,"featured_media":1004506347,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004107159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"\nChicago Spire Project Dead, Site Deed Goes to Related Midwest - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Spire Project Dead, Site Deed Goes to Related Midwest\" \/>\n<meta property=\"og:description\" content=\"The site of the former Chicago Spire supertall skyscraper is now in the hands of developer Related Cos., after investor Atlas Apartment Holdings, LLC failed to make a $22 million payment to the creditors by October 31st.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-11-07T17:52:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-01T09:02:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/chicago_spire_cropped.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\\\/\"},\"author\":{\"name\":\"Ioana Neamt\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/993af2799cdaf5162633d320cf63ff16\"},\"headline\":\"Chicago Spire Project Dead, Site Deed Goes to Related Midwest\",\"datePublished\":\"2014-11-07T17:52:45+00:00\",\"dateModified\":\"2020-04-01T09:02:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\\\/\"},\"wordCount\":280,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/chicago_spire_cropped.jpg\",\"articleSection\":[\"Chicago\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-spire-project-dead-site-deed-goes-to-related-midwest\\\/\",\"name\":\"Chicago Spire Project Dead, Site Deed Goes to Related Midwest - 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