Irish Bank Sues to Foreclose on Chicago Spire

Ireland could own under-construction skyscraper

By Nick McMaster, Newser Staff

Posted Oct 11, 2010 5:32 PM CDT

Copied

Irish Bank Sues to Foreclose on Chicago Spire — In this April 20, 2007, file photo released by Shelbourne Development Ltd. of Dublin, is an artists rendering of a proposed 2,000-foot twisting spire along the Chicago lakefront. (AP Photo/Shelbourne Development Ltd.)

It's supposed to be one of America's iconic skyscrapers, but Chicago's problem-plagued Spire is a step closer to being Irish-owned today after a lender filed to take possession of the under-construction project, the AP reports. Anglo Irish Bank has filed a $77 million foreclosure lawsuit against Irish developer Garrett Kelleher, claiming default on loans that matured a year ago.

The lawsuit adds to Kelleher's woes—consultants have filed multimillion dollar liens against the developer claiming unpaid compensation. Anglo Irish, which is run by the Irish government after a takeover last year, is expected to take control of the 2.2 acre site left vacant the past two years by the miserable economy. For more on the Spire project, click here.
(More Chicago stories.)

Report an error