"We haven't heard from [president of European AmericanRealty]Scott Toberman," says Yvonne Gonzalez, spokesperson forChicago's Planning Commission. "He hasn't called about whether he'slined up financing, so we don't think the project's a go. Everybodysays he's out of the country right now trying to line up somefinancing."

European American proposed the controversial project for theworld's tallest building several years ago. As envisioned, thebuilding would be been 54 feet taller than the world's currenttallest building, Malaysia's Petronas Towers. The building, ifdeveloped, will have 750,000 sf of office space along with 350residential units. European American did not return phone callsseeking comment on its financing efforts for the tower.

In a further blow to the development's prospects, the lender forthe project's 7 South Dearborn site now holds the deed to thatproperty, according to U.S. Equities' second quarter Chicago OfficeMarket report. The report states that the lender has put 7 SouthDearborn up for sale.