Receiver Appointed for Site of Chicago Spire
There's only a big hole, and now the developer doesn't own the land
The developer who planned to build the nation's tallest skyscraper has lost control of the land.
Wednesday, Dec 8, 2010 Updated at 6:45 PM CDT
A Cook County Circuit Court Judge on Wednesday appointed a receiver for the site of the proposed Chicago Spire one day after the developer lost control of the land.
An executive with CB Richard Ellis was named receiver on the property, who granted a request from the project's largest lender, Anglo Irish Bank Corp, Reuter's reported.
"My job is to manage the property for the court while the two parties proceed with their foreclosure," Stephen Bell told the Chicago Tribune on Tuesday. "It’s simply a vacant parcel and my job is to watch it.”
Irish developer Garrett Kelleher's company lost control of the site Tuesday. The 2,000-foot-tall Chicago Spire, designed by Spanish architect Santiago Calatrava, would have been the tallest building in North America, but it fell victim to the economic downturn.
Two Chicago-area firms have purchased the delinquent property taxes on the site.