Kelleher’s lofty ambitions hit by three-month delay for apartment sales
Mr Kelleher, head of Shelbourne Developments, was to have put the Chicago Spire condos on the international market from September 27.
But delays following the filing of United States federal documents meant they will not now be on sale until early next year.
And that means Mr Kelleher will have to continue for a little longer to foot the bill for construction without any contracts being signed.
The delay is further fuelling scepticism in Chicago over Shelbourne’s ability to deliver on the twisting, towering Santiago Calatrava designed 150-storey, 2,000ft tower on the shores of Lake Michigan.
Developers had already expressed surprise that construction began without any pre-sales, a highly unusual way of doing business, particularly for such an ambitious project. Usually, half the units are sold before any work begins.
Construction on the foundations of the development, which, if built, will be tallest building in the Americas, north and south, has begun and a preview of the uniquely designed interiors and prices is to go ahead as planned on September 26.
Documents, which have to be filed before marketing units sold more than two years before they are completed, were sent to federal authorities last month.
The delay has been caused because of the complexity of the project, according to a Shelbourne spokeswoman in Chicago.
Designing different interiors for each of the 1,193 units had also contributed to the delay.
One developer described the construction of the Spire as an “incredible story about somebody taking an incredible risk”.
Shelbourne’s representative remain bullish, pointing out that even with the delay, all other elements of the are on track and that sceptics should look at the construction as proof Mr Kelleher will deliver.
“All you have to do is look at the site to be convinced,” the spokeswoman said.
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