Charge it?? One Chicago Landmark Please, To Go!

February 28, 2010

About Chicago

The Spire

The Spire

Garrett Kelleher, the Irish developer who was the visionary for Chicago?s proposed newest landmark, the 150-story Spire, is now being sued by Bank of America for $110,000 in unpaid credit card bills related to the stalled construction project. Allegations have been added to a lawsuit filed in August by Bank of America to recover an additional $4,900,000 lent to Shelbourne Development, Kelleher?s development company. Kelleher personally guaranteed two credit cards issued by Bank of America in 2006 and 2007.

The Spire Developer Defaults on Loans

Additionally, in December 2006 Bank of America provided Shelbourne with $3,000,000 in the form of a revolving line of credit for the project, designed by the world renowned Spanish architect Santiago Calatrava. In June 2007, the bank extended a $7,000,000 term loan to Shelbourne for the Spire, the terms of which were later amended to give the developer until November 2008 to line up a syndicate of investors to provide construction financing for the project. Shelbourne missing the deadline and defaulted on the above loans as the real estate market cooled and capital markets froze.

Landmark Single Family is on the Market

In April 2006 Kelleher bought a 1912 Arthur Heun designed Georgian with Palladian windows at 1416 N Astor Street for $8.5MM. The personal residence has 5 bedrooms, 6 ½ baths and sits on a 75 x 110 lot with English garden and 4 car garage. The property is now on the market for $20 million, and rumor has it that Kelleher is moving back to Ireland.

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About Robert John Anderson

Robert's knowledge and expertise from 15+ years of experience have made his business tremendously successful. He eats, sleeps, and lives real estate, which has catapulted him into Chicago's 1% of Top Producers for the last 8 years with $320+ million in sales, earning Baird & Warner's prestigious Founder's Club distinction. His voracious appetite for the Chicago market, its neighborhoods and trends keeps his knowledge current and growing. He focuses on high-quality marketing and service along with working to think outside of the box for all his clients needs. Robert specializes in sellers, buyers, luxury homes, developments and relocation; he also has experience in land acquisition, commercial, and retail sales. You can reach Robert at 312-980-1580 and robert@robertjohnanderson.com or visit him on Facebook, Zillow and LinkedIn.

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