Chicago's Spire Enters Receivership

The Spire, what was to be a stunning residential tower measuring 2000 feet tall and located at 400 N. Lake Shore Drive, north of the Chicago River, has been placed into federal receivership. The project never really got off the ground, and remains only a huge round hole, dug for its foundation. Had the construction gotten off the ground, so to speak, it would have been the tallest building ever, in the Western Hemisphere. The Spire project launched in 2007, however, construction came to a halt in 2008.

Original plans for the development of the Spire were announced in 2005, and were met with enthusiasm, The Spire was even compared to a spiral of smoke that arose via a campfire at the Chicago River. Unlike other skyscrapers, such as the Sears, now Willis Tower, and the John Hancock building, the Chicago Spire construction plans were void of plans for observatories or restaurants. In addition, the Spire would be open to its residents only. Purchase price for a condo in the Chicago Spire were priced up to $15 million.