Archive for the ‘Garrett Kelleher’ Category

Calatrava’s Chicago Spire developer missed property tax deadlines

04/24/2008

Crain’s
Thomas A. Corfman

Garrett Kelleher failed to pay nearly $430,000 in property taxes due nearly two months ago on the proposed site of the Spire, even as the Irish developer was launching a lavish, five-city Asian tour to trumpet the massive skyscraper….

A spokeswoman for the 150-story Spire … confirmed that the taxes were past due and blamed an error in the address for the tax bills….

The March 4 payment date is at least the third time Shelbourne has been behind in its property taxes. The Dec. 3 payment was made 11 days late. The March 1, 2007, taxes weren’t paid until May 21 of that year….

Read the story here.
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"As the Spire Twists"

04/19/2007

The City of Chicago Plan Commission recommends unanimously that the zoning committee approve the latest designs for the Chicago Spire.

Romantic, eh? Wonder what it would really be like?
I admire how it touches the ground lightly. Everyone I talk to likes the profile of the original scheme the best, (except for the original base of several levels of parking,) but says this new one is also fantastic.

Kelleher the Developer knows best.

But, since you asked, I don’t see how this can get this built. Not with a price tag of more than 2 billion dollars. Kelleher would have to charge more per unit than I think this market can bear. Who would be the clientele for such a place in Chicago?

Well, Dublin-based, former Chicagoan Garrett Kelleher, head of Shelbourne Development, worth a reported $750 million, certainly knows real-estate better than I.

In any case, it sure is pretty, it sheds good light on Chicago that we’re even considering this, and and Mayor Daley desperately wants it. That and about 2 billion dollars will get you a tower like this built here. Now, where to find those 2 billion?

—–

There is nothing wrong with this site


that 2 billion dollars can’t fix.


Please call if you’d like to finance this tower.

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from the Press release:

The Chicago Spire Receives Approval from City of Chicago Planning Commission


Located at 400 North Lake Shore Drive, where the Chicago River meets Lake Michigan, the 2,000-foot tall twisting tower will house 1,200 residences with the finest amenities available anywhere in the world. …

The approved plan features several improvements to earlier designs that will enhance The Chicago Spire’s integration with the surrounding environment, including a spectacular four-story transparent glass lobby, an underground parking garage for residents and a one-acre landscaped public plaza. In addition, The Chicago Spire will be engineered to meet the gold standard of LEED certification, which dictates among other things that rainwater be recycled for landscaping treatments, river water be used for cooling and special glass be included to protect migratory birds.

Calatrava’s Chicago Spire – sales

06/05/2005

Garrett Kelleher, the developer of the Chicago Spire – designed by Santiago Calatrava – says he has sold 30% of the building’s condo units, which he says is proof that the Spire – the world’s tallest residential structure – will be built.

But propertymarketupdates.com quotes The (Singapore) Straits Times:

Two-thirds of Singapore buyers have backed out of their purchases of units in the much-hyped Chicago Spire in the United States.

A number were apparently spooked by the near-collapse of US investment bank Bear Stearns, which took place a week after the Chicago Spire was launched in Singapore.

Mr Colin Tan, the head of research and consultancy at Chesterton International, said it made sense for the buyers to pull out of their deals.

‘Housing prices in the US are coming down, and while some properties may look like a good investment now, you can probably get it cheaper later,’ he said.


Experts said those who had seen their purchases through are likely to be more serious buyers who may, for example, have children studying in Chicago.

Most of the units that were sold were reported to be one- or two-bedroom apartments that averaged US$1 million each, or US$1,000 per sq ft.

About half the buyers were said to be Singaporeans or permanent residents, and the rest were expatriates.

It is understood that to date, about 10 of the Singapore buyers have inked their purchase agreements. At least two of them are believed to be Indonesians.

Sources said the Chicago Spire’s exhibitions in Shanghai and Hong Kong, which followed its launch in Singapore, received a lukewarm response as the turmoil in the US financial markets deepened in March..

The Spire is designed with 1,194 units, including a $40 million penthouse, which is still for sale. It is scheduled for completion in 2012.