Pension funds from an amalgamation of workers is conducting due diligence to lend the money to Shelbourne Development Group, the Irish developer behind the record-setting structure. The pitch is that the construction of this project could fill a much-needed void in jobs over the next four to five years of the anticipated construction time.
The infusion of cash would help pay off the original Anglo Irish Bank loan, after which the developer could secure financing and complete the project for under $2 billion. The workers were committed to build the Olympic Village in Chicago if the Second City had won its Olympic bid. Without those jobs, however, the workers turned back to the Spire as a source of employment.
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