CHICAGO-The chief lender for the failed project to build the tallest tower in the Western Hemisphere on Lake Shore Drive is seeking a buyer for its nearly $93 million in debt.
Jones Lang LaSalle Inc.'s Chicago office is reportedly seeking buyers for the loan on the Chicago Spire parcel, sources tell Crain's Chicago Business. Ireland's National Asset Management Agency, which has assumed the debt from the now defunct Anglo Irish Bank Corp. has hired the brokerage to recoup as much of the debt as possible. Anglo Irish Bank had filed a $77-million foreclosure action against developer Garrett Kelleher and his failed 150-story condominium project. The note has since grown to approximately $92.8 million, sources tell the newspaper.
The development was to include 1,200 condo units, including a penthouse listed for $40 million. The 2,000-foot tall corkscrew shaped high-rise was designed by architect Santiago Calatrava. Kelleher, who acquired the parcel near Lake Michigan in 2006 for $64 million, dug a hole but halted construction activity once the recession hit in 2008. See story in the Chicago Real Estate Daily.
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