Business Irish

Saturday 24 June 2017

Receiver gets $250 an hour to mind Kelleher's Chicago Spire site

Work in 2008 on the foundation hole for the Chicago Spire apartment building then under construction in Chicago,Illinois.Developer Garrett Kelleher
hoped a weak dollar and the cachet of living in the world's tallest condominium tower would bolster the project
Work in 2008 on the foundation hole for the Chicago Spire apartment building then under construction in Chicago,Illinois.Developer Garrett Kelleher hoped a weak dollar and the cachet of living in the world's tallest condominium tower would bolster the project

Emmet Oliver

A US receiver is to be paid $250 (€190) per hour to take control and maintain the Chicago Spire site, the project once promoted by Irish developer Garrett Kelleher which is now effectively a hole in the ground.

Anglo Irish Bank was the chief lender to the project which was to become a 2,000 square foot tower, dominating the Chicago skyline.

At one point Irish investors were invited to invest in the project.

"Its simply a vacant parcel and my job is to watch it," the receiver, Stephen Bell of CB Richard Ellis told the 'Chicago Tribune' this week.

US filings show that the receiver may charge $250 per hour for receiver services, but not exceeding $1,200 per month.

CBRE itself can be hired to assist with the site at a cost of $1,395 per month.

Kelleher's company, Shelbourne North Water Street, opposed the Anglo application and said it was the best candidate for finding someone else to develop the site.

The Chicago building was designed by Spanish architect Santiago Calatrava and was being developed by St Patrick's Athletic owner Kelleher and was to be one of the world's tallest buildings.

The tower, near Lake Michigan, was to have almost 1,194 rooms, but was hit hard by the property downturn and Kelleher has been hit with two lawsuits seeking foreclosure action at the site.

Donal Trump, the most famous property investor in the US, was an early critic of the project, saying there was no way it would ever get finance. Trump has built a new tower in the vicinity of the spire project.

Irish Independent

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