Chicago Spire Developer Approaches Union Leaders With Creative Offer

December 3, 2009

Daily Real Estate Updates

sudler-sothebys-logo3 December 2009 ? Chicago Spire owner Garret Kelleher is thinking outside the box in order to save the troubled project. Originally designed to house 1200 planned residences in the 140-story structure, the Spire remains just a hole in the ground at 400 N. Lake Shore Drive. Kelleher recently approached local unions with a unique offer to invest in the project, thereby creating jobs for their membership. Tom Villanova, president of the Chicago & Cook County Building & Construction Trades Council has held conversations with Kelleher as recently as last Monday. Villanova has expressed some interest, but another union source argued that while the jobs are extremely attractive, the project is still highly risky. Funding would come from two trusts of the AFL-CIO and the Union Labor Life Insurance Company. The unions are currently researching their options.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today's chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy's educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals - both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through 'pit bull' negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or

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