Chicago Spire gets final approval

In awe of the architecture and in fear of the finances, the City Council signed off Wednesday on a $2 billion addition to the city’s skyline: the twisting, 150-story Chicago Spire, billed as the “thinnest structure in the world” and the tallest in North America.

Thirteen months after authorizing construction of a tower with 300 units and a hotel, the Council approved celebrity architect Santiago Calatrava’s revised design with 1,200 condominiums and 1,350 underground parking spaces.

“They have to get the financing. . . . I hope it can be built,” Mayor Daley said. “The architect has a wonderful design on it. It really makes Chicago stand out [in] the history of skyscrapers.”

Developer Garrett Kelleher has been secretive about his financing plans. He won’t say how much the units at 400 N. Lake Shore Dr. will cost. He claims to have a financial commitment from the Anglo Irish Bank without the pre-sales normally required to secure financing. He’s even promising, through his attorney, to be “in the ground with caissons” as early as next month.

Source:  Chicago Sun-Times

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2 Responses to “Chicago Spire gets final approval”

  1. tomsmithson Says:

    Sure hope the tower gets financing and is built. with all the money in

    Chicago, that structure will be sold out quickly. Lake Michigan shoreline

    will look even more beautful.

  2. mgreenfield Says:

    That will be an extraordinary-looking building. As a New Yorker, I am jealous.

    If Kelleher says that Anglo Irish Bank is backing his play, then they are backing his play. Neither the developer nor the bank is known for wasting time or messing things up.

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