August 13, 2009 – Bank of America
initiates a suit against Shelbourne Development Group Inc., the developer that
began construction of the 150-floor Chicago Spire, construction that was
subsequently halted after foundation work was completed. Bank of America claims that the developer has
defaulted on its loan. The bank says that
it is filing a suit in United States District Court in Chicago, seeking $4.9 million
in principal and interest from Shelbourne and its chairman, Garrett Kelleher.
The complaint alleges that the firm has failed to obtain an “irrevocable construction
loan commitment” from a lender, leading the Bank of America to declare a
default. [Chicago Tribune, August
14,2009] The photo above shows the remains of the project as they look today.
August 13, 1928 – Construction begins on the Merchandise Mart on the site of the old Chicago and North Western station on the north bank of the Chicago River between Wells Street and Orleans. A force of 5,700 workers will speed the construction, using cement brought from Wisconsin by boat, and by May 1,1930 the first 200 tenants will begin moving into the 4,000,000 square foot building.
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