Developer behind failed Chicago Spire loses another legal battle over project

Garrett Kelleher filed suit last year against Irish-based agency that sold Spire debt to Related Midwest

TRD CHICAGO /
Mar.March 19, 2019 09:48 AM

Related Midwest’s Curt Bailey (yellow) and Garrett Kelleher (purple) with The Spire (Credit: Wikipedia and Getty Images)

The developer behind the failed Chicago Spire skyscraper project is considering an appeal after losing another court ruling.

Garrett Kelleher last year sued Ireland’s National Asset Management Agency seeking more than $1.2 billion, but a federal judge in Chicago tossed out the complaint last week, saying the court has no jurisdiction over an agency of a foreign state, according to Crain’s.

An attorney for Kelleher told Crain’s the Irish developer is deciding whether to appeal the judge’s ruling.

Kelleher had started foundation work on the planned supertall at the mouth of the Chicago River when the recession hit and he ran out of money. The Irish agency was tasked with taking over bad loans from Ireland’s banks, including about $90 million in Spire debt that it later sold to Related Midwest.

Related last year unveiled plans for two skyscrapers at the site at 400 North Lake Shore Drive but had to go back to the drawing board after Alderman Brendan Reilly (42nd) nixed the project over a variety of community concerns.

Related CEO Curt Bailey told The Real Deal in November his firm revised its plans for the two-building project and hoped to start winning approvals for it early this year. [Crain’s] — John O’Brien


Related Articles

arrow_forward_ios
Liberty Mutual at 27201 Bella Vista in Warrenville (Google Maps)

Chicago’s Q3 suburban office market hits highest vacancy in decade

Chicago’s Q3 suburban office market hits highest vacancy in decade
Mayor Lori Lightfoot (Getty, iStock)

Lightfoot to propose $94M property tax hike

Lightfoot to propose $94M property tax hike
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Cars.com CEO Alex Vetter and the building (Credit: Google Maps)

Cars.com wants to shrink its space at West Loop HQ

Cars.com wants to shrink its space at West Loop HQ
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Thor’s Palmer House hit with $300M+ foreclosure suit

Thor’s Palmer House hit with $300M+ foreclosure suit
GMH CEO Sir Nadhmi Auchi and Tony Rezko with a rendering of the 78 (Getty, GMHSA)

Shocker: Investors sue over deal struck with Tony Rezko for piece of The 78

Shocker: Investors sue over deal struck with Tony Rezko for piece of The 78
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...