North America's tallest skyscraper will be developed at a cost of $1.2 billion (€949 million) by a Dubliner Garrett Kelleher, who is building Chicago's newest landmark after arriving in the city 20 years ago with just $500 in his pocket.
Mr Kelleher, executive chairman of Shelbourne Development, yesterday closed the $64 million acquisition of the development's 2.2-acre site at the mouth of the Chicago River. In March, Chicago's planning commission gave the site's previous owner the go-ahead to build a 124- storey tower, which will give the building a rooftop height of 1,570 feet and about 2,000 feet to the top of its spire.
The height of the skyscraper, formerly known as the Fordham Spire, will eclipse Chicago's Sears Tower and the CN Tower in Toronto, making it the tallest building on the continent. The Burj Tower, which is under construction in Dubai, will be 2,300 feet high, which would make it the world's tallest building.
The project has been stealing some of Donald Trump's thunder as it will dwarf the billionaire's planned 92-storey hotel and condominium tower, five blocks away. Mr Trump took a swipe at the rival building project in a US interview earlier this year, dismissing the building as a "pipe dream" and predicting there won't be "any institution stupid enough to finance it."
Anglo Irish Bank has agreed to fund Mr Kelleher's purchase of the site and has "strong interest" in financing some of the development, according to Thomas Murphy, the developer's general counsel in Chicago. Mr Kelleher will own 100 per cent of the equity.
"We have a very extensive and successful relationship with Garrett Kelleher, spanning well over a decade, and are delighted to have the opportunity to support his renewed interest in Chicago by assisting in the financing of this site," said Tony Campbell, chief executive of Anglo Irish Bank's North American operations.
Mr Kelleher made his fortune in Chicago property after he emigrated to the city in 1986.
Construction is scheduled to begin early next year, with completion expected some time in 2010.
Outside the US, Mr Kelleher's Shelbourne Developments has a pipeline worth more than $2 billion and is pursuing projects in Ireland, the UK and France.
