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.