It was Garrett Kelleher’s dream for the Chicago Lake Michigan shoreline, a 150-storey, 2,000 feet high corkscrew-shaped condo on a 2.2 acre site. Launched by Liam Neeson and Liam’s late wife Natasha Richardson, it is said that Garrett’s Shelbourne group has spent USD 200m on the project and there is little to show for all the money today apart from a large hole in the group intended to house the foundations of the giant tower.
But the site bought for USD 64m in 2006 never got past the planning and breaking the ground stages. NAMA took over the loans, and this week, it is being reported in the Chicago press that NAMA has confirmed that it has appointed Jones Lang LaSalle USA to sell the loan underpinning the site, which today has a par value of USD 93m after taking into account rolled up interest and penalties.
The betting locally is that the condo market is robust enough to generate demand for the loan.
There is an interesting background article here on the architect Santiago Calatrava’s vision for the tower.
Paddys Day Sunday too,windy city sure to be teeming with visiting visitors,probably a TD or two…..
Bit awkward this…..hopefully no disgruntled unpaid creditors around !
@John, here’s the St Patrick’s Day itineraries for the ministers, and seems you’ll have An Taoiseach in Chicago
“Chicago, where he will meet Mayor Rahm Emmanuel and other political and business leaders, participate in the Chicago St. Patrick’s Day Parade and address the Irish Fellowship Club of Chicago St. Patrick’s Day Dinner”
http://www.taoiseach.gov.ie/eng/News/Archives/2012/Government_Press_Releases_2012/St_Patrick’s_Day.html
Rather awful timing from NAMA-all over the Chicago press-everywhere,wall to wall coverage about deadbeat paddies…foreclosure and NAMA etc.
Do they have any PR at NAMA…fire them,did it have to be this week of all weeks putting the dumb ass paddys back on the front page…really!
Made the Chicago Tribune this morning-hope An Taoiseach not say questioned about the unpaid bills…………
http://www.chicagotribune.com/business/breaking/chi-chicago-spire-lender-seeks-to-recover-93b-20130314,0,3164807.story
http://jurist.org/paperchase/2013/03/eu-court-rules-spain-evictions-violate-consumer-protection-law.php
Thursday, March 14, 2013
EU court rules Spain evictions violate consumer protection laws
Sarah Paulsworth at 12:38 PM ET
The European Court of Justice (ECJ) [official website] ruled [judgment, in Spanish] Thursday that evictions carried out in Spain under harsh property repossession laws violate EU consumer protection laws. According to the ECJ, Spain’s laws contravene EU laws [press release, PDF] because they do not allow national courts to stop evictions taking place due to possible unfair terms in mortgage agreements.
Sorry for the offtopic comment. But those news are all on the first page in greek and spanish newspapers and got reasonable attention in UK as well. I have yet to see a single article in irish media. Your analysis of possible repercussions in ireland is eargerly awaited.
BTW, many point out that spanish borrowers cannot return the keys and forget the mortgage, unlike the USA and many other european countries (places full of moral hazard unlike our green island of virtue).
@foreigner it relates to ‘predatory lending’ shur that never went on in Ireland…go way out that !
On the Spire foreclosure and loan sale by NAMA-Reuters running with the story…gosh Enda will be mortified-i seem remember the developer here burned b of a for a few dollars-ouch-WTF is/was NAMA thinking are there any smart chaps over there…this week of all weeks !!!
Unless its all part of some dastardly plan to embarrass/humiliate the govt…..looks like this story going viral….yikes !!
http://business.financialpost.com/2013/03/14/land-that-was-to-be-home-of-ill-fated-chicago-spire-back-on-the-market/?__lsa=3aae-6582
http://chicago.curbed.com/archives/2013/03/14/new-hopeful-attention-directed-at-chicago-spire-hole.php
The hole in the ground in Ballsbridge would be for sale now. I would guess they would have to pay someone a considerable sum of money to take it off their hands. Let’s not forget It was going to take 3 years alone to excavate!!! The quantum of development under ground was going to be equal to all of Grafton Street and Henry Street combined. However, according to Dublin City Architect of the time, the “37 storey tower was the most elegant solution”.