Posted by Leo Clark. on Tuesday, November 4th, 2014 at 12:56pm.
Back in February, chatter about the defunct Chicago Spire project was starting to pick up again, with perhaps a resurrection plan possibly in the works. Initial reports claimed new investors were interested in the project and considering the idea of relieving it from bankruptcy and breathing some life back into this long-stalled, highly-publicized development.
However, after nearly 9 more months of waiting, it seems The Chicago Spire project is now dead again, and this time for good. According to a report from Curbed, Spire developers were unable to make a $22 million payment by last week's deadline, pretty much sealing the fate of what would have been the tallest building in the Western Hemisphere.
But in an interesting twist, those same reports also revealed that mega developer Related Midwest now has control of the gigantic hole that occupies the former Spire construction site at 400 N. Lake Shore Drive, with hints being dropped about replacing The Spire with a different kind of "architecturally significant" development. Over the past two years, Related has certainly put its stamp on the luxury rental market downtown, opening two of the city's newest and hottest apartments towers in 111 W. Wacker and 500 N. Lake Shore Drive, so they're certainly no stranger to making a splash when it comes to new construction in downtown Chicago.
In a written statement from Related Midwest's President Curt Bailey, it was made clear both him and his company recognize the importance and significance of 400 N. Lake Shore Drive, one of downtown's last remaining undeveloped lakefront lots, and if there's any developer out there who can build a world-class building in a landmark location, there's no doubt it's Related Midwest.