Chicago developer Related Midwest LLC has taken control of the Chicago Spire development site. According to the Tribune, Joseph Frank, an attorney representing Irish developer Garrett Kelleher’s Shelbourne North Water Street in the Chapter 11 bankruptcy case, recently confirmed that the deed to 400 N. Lake Shore Drive was delivered to Related on Monday.
Related then withdrew a motion filed previously filed in the U.S. Bankruptcy Court, compelling Shelbourne to turn over the paperwork.
“We are pleased to have resolution on 400 N. Lake Shore Drive, the site of the former Chicago Spire project,” Related Midwest President Curt Bailey said in a statement. “We recognize the importance of this site to the City of Chicago and look forward to creating an architecturally significant and thoughtful development befitting this premier location. We are proud to have a long track-record of developing landmark buildings with world-class architects like 840 N. Lake Shore Drive, 500 N. Lake Shore Drive, Park Tower, 340 on the Park and most recently, 111 W. Wacker Drive. We look forward to continuing that legacy on this marquee site.”
Mr. Kelleher’s local partner for the project, Steven Ivankovich of Chicago-based Atlas Apartment Holdings LLC, said in a statement, “Unfortunately we just ran out of time to get everything documented and processed with our lender. There is no doubt that the city of Chicago deserves the Spire to be built and Related should build it or sell the land and infrastructure to someone who will.”
