Shelbourne Development

The Fordham Spire was unveiled to an astonished public in July 2005. The innovative and beautiful building, designed by Spanish architect Santiago Calatrava received almost unanimous support from the public and Chicago city officials.

The original design called for a twisting glass structure that would be one of the most unique new buildings in the world.

However, financial trouble for Fordham Company cast doubts on whether the building would continue as planned. The developer was unable to get full financing for the project. Shelbourne Development, led by Irish developer Garrett Kelleher, came on the scene to save the planned building.

The company teamed up with Anglo Irish Bank and obtained full financing for the project. This erased any doubt that the project would be plagued by future financial difficulties.

Shelbourne Development changed the original design of the tower from a mix of hotel and condominium units to a full residential building. The new plans also changed the proposed height and floor plans for the top floors. Plans call for a wider building.

Renamed the Chicago Spire, this development promises to change the Chicago skyline forever. The building will have 150 floors, and will be the largest free standing structure in North America. It will also be the tallest residential building.

Shelbourne Development was started by Mr. Kelleher in 1987, and is currently active in Europe, Ireland, and the United States.

The company has completed more than 1.5 million square feet of development in Ireland alone, and has several projects underway. Belgard Square, Airton Road, Leixlip, and Ranelagh are all major developments in Dublin owned by Shelbourne Development.

The company also has developed the Lloyds of London Building and Cannon Street in the United Kingdom.

The Chicago Spire is the company’s only development currently underway in the United States.

The company is led by an experienced team of real estate professionals. Mr. Kelleher is the founder and current executive chairman. He is accompanied Chriss O’Connell, who brings years of experience in international banking and finance to the company.

The company is world-renowned for their development projects. However, it is the Chicago Spire that defines the new role of Shelbourne Development in Chicago.

The company has received final approval for the design and plans of the Chicago Spire. The Chicago City Council unanimously approved the final plans on May 9. Construction is currently underway.

On June 26, the company announced that the first contract was awarded to Case Foundation Company, who will complete foundation work for the building. Completion of the first phase of development is planned for the first quarter of 2008.

When the Chicago Spire is completed, the property will offer luxury condominiums. A total of 1,300 condominiums will be available, offering a total of 3 million square feet.

The Chicago Spire will compete with other luxury developments currently underway in downtown Chicago and the Gold Coast. Trump and Mandarin Oriental are both building mega towers that will house both hotel rooms and luxury condominiums.

The Trump International Hotel and Tower is just a few blocks west of the Chicago Spire, and will compete for the same buyers.

The market for luxury real estate in downtown Chicago will be facing an interesting period as the market is flooded with thousands of new luxury condominiums over the next three years.