June 2, 2009 - News about the Chicago Spire is about as active as the construction site right now. With Shelbourne Development putting the project “on hold” until the housing market improves and financing can be found, the best prospect for getting the high-rise off the ground is a possible deal with the AFL-CIO. But Shelbourne is always optimistic, and the marketing material and updates sent out by @Properties addresses some of the obvious questions that come to mind about this mega Chicago real estate project.

In reference to construction on the 150 story tower, the sales materials state that, “Currently, the project completion dates remain unaffected as time allowances for unanticipated events were included in the original schedule. The Chicago Spire will be in position to be afforded the first credit when it becomes available and we have every reason to believe that this will become reality in short order.”

As for the liens that were placed against this Chicago condo project, including the $11 million or so that architect Santiago Calatrava claims is due for his services, @Properties states that, “While there have been some lien filings, we can assure you that everyone has been extremely well paid.”

And finally, while we haven’t yet been able to confirm whether or not there was a drop dead clause in the Spire condo sales contracts, the marketing update stated that all of the earnest money or deposits made by buyers was placed in individual accounts at the Bank of America and will draw interest. It also stated that the money would be exempt from any sort of developer debt and could not be used for construction costs.

Only time will tell whether or not this project will become a reality, either in its original design and form or even as a scaled down version. If you’re in the market for Chicago Luxury Condos and don’t want to wait for the Spire, you can read about some of the other developments in town that are a reality right now.

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This entry was posted on Tuesday, June 2nd, 2009 at 4:52 pm and is filed under Luxury Condos(t) , News(t) . You can skip to the end and leave a response. Pinging is currently not allowed.