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October 13, 2010

YIKES! It appears that the plans to build SPIRE, the tallest tower in the US, have derailed after a lender filed a foreclosure lawsuit against the Chicago Spire’s developer.

According to Crain’s Chicago Business, the Anglo Irish Bank Corp. filed a $77 million lawsuit against real estate developer Garrett Kelleher this month.

The lawsuit alleges that Kelleher’s Shelbourne Development Ltd. has defaulted on loans that matured a year ago.

“Anglo Irish is expected to take possession of the 2.2-acre site overlooking Lake Michigan. The Irish government took over the bank last year,” states the Associated Press.

Ground was broken for the project in 2007 for the 2,000-foot Chicago Spire designed by Santiago Calatrava. The site has been dormant since 2008.

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