The Chicago Spire, a hyper-tall condo from Santiago Calatrava that tried to soar into the record books as the world’s second-tallest building, only to get mired in the recession, may be inching back to life.
The developer of the twisting, 2,000-foot tower, Shelbourne North Water Street, is close to paying off $135 million owed to creditors of the bankrupt project, sources close to the project say. Those payments, which could be approved in October, include $109 million to a local division of mega-developer Related Companies, which purchased part of the Spire’s soured loan in 2013. The development team—made up of Shelbourne Development Group plus Atlas Apartment Holdings, a multi-family landlord brought in to provide financing—would then restart construction, the sources add.
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