Bids are due next week for the 2.2 acre site, which includes a large circular foundation at what would have been the site of the tallest skyscraper in the US – The Spire. Sellers are hoping to recoup hopefully an excess of $93 million from the sale but that could be a difficult process as foreclosure proceedings have been in courts for years with the property still owned by the developer – Garrett Kelleher.
The site sits in a highly dense, accessible and desirable area. Located just west of Lake Shore Drive and Navy Pier, the area has seen significant development to all around, including luxury condominiums, including the Aqua Tower to the South, Riverview and Parkview with demand from potential residents still on the rise.
The “hole” is described as 76 ft cylindrical hole.
If the Spire was built, it would have dramatically changed Chicago’s skyline. The Spire was marketed by Shelbourne Development and @properties.
*Images of The Spire model unit