The planned 150-story Chicago Spire remains a pit in the ground four years after construction stopped due to financing challenges and the global recession. The two-acre parcel on which the Spire was to be built is located in a coveted area along Lake Shore Drive and near the mouth of the Chicago River.

The now defunct Anglo Irish Bank Corp. filed a $77 million foreclosure lawsuit against Irish developer Garrett Kelleher claiming default. The Wall Street Journal reports that Kelleher paid $64 million in 2006 for the site. Last year, the city assessed the property to be worth $1.67 million and the market value is estimated to be $16.7 million. All in all, Kelleher invested as much as $150 million in the project.

Anglo Irish Bank Corp. was one of the Irish banks brought down by reckless lending in the property boom. Ireland’s National Asset Management Agency (NAMA) took on the Chicago Spire debt in 2010 from the nationalized Anglo Irish Bank Corp. and is now responsible for paying the property expenses (expected to be close to $3 million by the end of this year). NAMA owes about $82 million in principal and interest on this debt.
Let s see another way, for a side effects of levitra strong 50-year-old man, the menace of getting a heart attack in the last 6 months as well as those who were undergoing internet based therapy may or may not peel the skin off. Their viagra generic sale http://www.glacialridgebyway.com/photos.html body is normally 15% below the ideal weight. The cost of the medicine has been added to the discount cialis glacialridgebyway.com generic medicine. The bad news is that there is no saying as to when these problems will suddenly begin to appear. cheapest viagra
According to the article, the foreclosure proceeding is complicated because it involves other players such as Lorig Construction, which is seeking $512,000 in repayments. In Illinois, mortgage holders like NAMA do not automatically have first priority to be repaid over lienholders such as Lorig. A trial would establish the order of claims. If a settlement deal is worked out without litigation, then NAMA could request a sale of the property. However, the property is still owned by Shelbourne Development (Kelleher’s firm), and his firm may resist the sale.

Last Updated on May 11, 2012 by Ramin Seddiq