The Irish developer behind the Chicago Spire said it has found an investor to pay its creditors, allowing it to emerge from bankruptcy and possibly restart work on the long-stalled residential project.
In papers filed with U.S. Bankruptcy Court Thursday, Shelbourne North Water Street LP, the firm headed by Irish developer Garrett Kelleher, is seeking court approval to move forward with an investment of up to $135 million from Atlas Apartment Holdings LLC, a Northbrook-based apartment development and management company.
While Shelbourne said the amount would enable it to pay bona fide bankruptcy claims in full, there is no detail in the court documents about the additional funds that would be needed to construct the twisting, 2,000-foot tower designed by Santiago Calatrava that was to be the tallest building in the Western Hemisphere. The 1,194-unit condo building captured people’s fascination but couldn’t get construction financing
Kelleher was not available for comment, according to his attorney, Thomas Murphy.
“Given the ongoing recovery in the Chicago property market, the timing is better now than when this project commenced,” Kelleher said in a statement. “I am delighted to have found a partner who believes in the project as passionately as I do.”