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Chicago Spire: Chicago Spire developer loses control of site

2 local firms have purchased delinquent property taxes

Spire developer loses control of site in foreclosure suit

Irish developer Garrett Kelleher‘s company has lost control of the site on which he started to build the 2,000-foot Chicago Spire.

A Cook County Circuit Court judge has granted a request by Anglo Irish Bank Corp., the lender to Kelleher’s Shelbourne North Water Street LP, and appointed a receiver for the hole in the ground that was supposed to become a twisting skyscraper in the city’s skyline.

Meanwhile, two local firms have purchased the delinquent property taxes on the stalled development site at 400 N. Lake Shore Drive, setting up a process for the bank or others to redeem the taxes.

via Chicago Spire: Chicago Spire developer loses control of site – chicagotribune.com.