Chicago Spire (Chicago) 2000 Foot
[published on Thu, Mar 30, 2006]
CHICAGO – A proposed condominium and hotel tower that would be the tallest building in North America won approval from the Chicago City Council today, clearing the way for construction to start later this year.
The council approved a measure that raises the height limit on structures at the site to accommodate the 2,000-foot tower. The building, named the Fordham Spire, would top Chicago's Sears Tower and the planned Freedom Tower in New York as the tallest in North America.
The building was designed by Spanish architect Santiago Calatrava and has a twisting design that resembles a drill bit.
"It's really unique and different, and that's a great symbol," Chicago Mayor Richard M. Daley said at a press conference outside the council chambers. "We have great skyscrapers here."
The $550 million, 124-story building to be developed by the Fordham Co. will have about 300 condominiums, 250,000 square feet of hotel space, retail stores and restaurants. It will overlook the Chicago River where it meets Lake Michigan.
"I think the results, as far as the design and function of the building, have been improved because of the interface with the city," Fordham Chairman Chris Carley, 64, said in an interview today.
Fordham has said construction will begin around the end of the year, and the building should be completed by 2010.
Some Condos Reserved
The company already has reservations for 30 of the condominiums and will take more starting in April. The condos, which will start at about 700 square feet, may sell for more than $1,000 a square foot, according to Carley.
Fordham is a closely held real estate developer based in Chicago and founded by Carley in 1988. The company has other developments in Chicago's Gold Coast and North Michigan Avenue areas. Carley has said he plans to name the hotel operator, a five-star operator new to Chicago, in coming weeks.
Carley said today he would have an announcement soon on the project's financing. Carley would only say today that the financing will entail a primary construction loan from four banks and a "large" segment of equity.
– Bloomberg News
www.nwherald.com/MainSect...7106.php>: