Chicago Spire May Be Reborn

For six years the site of the Santiago Calatrava-designed Chicago Spire has sat empty, a large cylindrical hole in the ground. Last week the Chicago Tribune reported that its developer, Shelbourne North Water Street LP, is taking steps toward finally realizing the 2,000-foot (610-meter) tower located on a prime site near Lake Michigan and the Chicago River. Atlas Apartment Holdings LLC has agreed to provide financing totaling $135 million, which would allow Shelbourne to pay off bankruptcy claims and then proceed with financing the project. Shelbourne has until the end of August to have a bankruptcy court approve their reorganization plan.

Even though the economy has improved since the 2008 collapse, the gusto for Santiago Calatrava's architecture has waned in the same period, given the increased reports of budget overruns, shoddy construction, and other technical and financial issue primarily on projects in Europe. Nevertheless, approvals were in place for the project's construction, so if all goes well with bankruptcy proceedings, the Chicago Spire will resume construction next year.