(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)
CHICAGO-Developer Garrett Kelleher, executive chairman of Shelbourne Development Ltd. and the Shelbourne Group, plans to announce today the new team to design and build the 124-story residential tower here formerly known as the Fordham Spire, and also share news about some design changes to the building. Kelleher's companies are based in Dublin. A spokeswoman tells GlobeSt.com that the company will name the team in an announcement at 9 a.m. on Nov. 15.
Tom Murphy of Thomas J. Murphy PC, general counselor for Kelleher, tells GlobeSt.com that the company is looking at changes with the lead architect. The corkscrew-like tower was designed by architect and engineer Santiago Calatrava. The tower is expected to measure 2,000 feet tall, including spires and antenna.
"There are going to be some inevitable changes to the team and the design," Murphy says. "It will be the same silhouette, but there will be enhancements with mechanical issues, parking, things like that." He says the environmental investigation on the building is ongoing, design drawings will be drawn up shortly and the company is looking to break ground in second quarter 2007.
Local developer Christopher T. Carley, who introduced the building concept, was taken out of the deal when Kelleher bought the property for $65 million in July. Carley will not be involved in the new project, Murphy says. The site, located at the intersection of Lake Shore Drive and the Chicago River, has already been granted zoning approval by the city for a 124-story residential and hotel tower, thanks to Carley's original efforts.
The 920,000-sf structure will surpass the Sears Tower and Toronto's CN Tower, making it the tallest freestanding building in North America and Europe. The development will include 300 luxury condominium residences, ranging from $600,000 to $5 million, and a five-star, 20-story hotel. Additionally, 50,000 sf of retail and support space is planned for the floors overlooking the river and Lake Michigan. Completion is slated for late 2010.
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