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Developer Behind Chicago Spire Sued for Defaulting on Loan

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Still believe that Santiago Calatrava‘s mammoth, skyline-altering Chicago Spire will still move beyond a big, empty hole and get built after all? If so, we’re thinking you might want to start reevaluating your belief system from the ground up. We’ve seen no new information from the AFL-CIO who, back in March, were talking about bailing the project out, and now on top of the more than $11 million the Spire’s developers, Shelbourne Development Group, possibly/likely still owe Calatrava for his work (and another for another firm who was locally overseeing the project), now Bank of America has taken Shelbourne to court, “claiming the company has defaulted on a loan” and demanding that it will need to pay $4.9 million to settle it. Granted, we’re certainly not a site we’d recommend listening to when it comes to financial matters, but from an uneducated opinion, if that doesn’t sound like the final nail in the coffin, we’re not sure what would.

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