You already know that Chicago boasts one of the world’s most breathtaking skylines. It, of course, is distinguished by architectural wonders such as the Sears Tower (again America’s tallest superstructure, as of the 9/11 tragedy), and John Hancock Building (the trapezoidal, mixed-use edifice that is the city’s second tallest). But did you know Chicago is poised to gain an even more distinctive flair in the air?
After years of controversial set-backs, stalls and redesigns, the Chicago Planning Commission on April 23rd approved construction of The Chicago Spire — a visually stunning skyscraper resembling, well, a humongous “drill bit”! Twisting an unprecedented 2,000 ft. toward the sky, the supertall skyscraper is the brain-child of Spanish architect Santiago Calatrava.
The Chicago Spire is slated for completion in 2010 — in ample time to impress the international tourists who would travel to Chicago should the city win the 2016 Olympics. The sleek, curvilinear building would dwarf the Sears Tower, which measures 1,730 ft. The Spire” also would be taller than New York City’s Freedom Tower, which is scheduled for completion two years later, in 2012.
With all stakeholders seemingly appeased, downtown Chicago’s Spire will feature 150 floors of luxury condominiums — just steps from many of the city’s finest attractions. Home-buyers seeking to make this 1,200-unit architectural wonder their home will easily be able to enjoy nearby Navy Pier for family-friendly entertainment; Lake Michigan for beach and boating fun; and The Magnificent Mile for magnificent shopping!
The design iteration the planning commission approved eliminates a broadcast antenna that was part of the original concept. The structure now has a more organic feel and is considered more complementary with the skyline today. Gone also are the Spire’s original allotment of hotel and retail space. Area residents successfully lobbied against the notion of commercial space for the property. Their already nightmarish traffic congestion issues were likely to worsen. So, true to Chi-town’s progressive real estate style, “condos, condos and more condos” became the rally cry getting the Spire project approved.
Santiago Calatrava, whose architecture firm is headquartered in Zurich, Switzerland, also plans a public plaza and two bridges for the sprawling, 2.2 acre site. One bridge will across the Chicago River and pivot upward to accommodate water traffic. The second bridge will connect the Spire property with the city’s bustling Lake Michigan shoreline. Notably, this second bridge will open out to the long-awaited DuSable Park.
First proposed in the 1980s, during the late Mayor Harold Washington’s administration, DuSable Park will beautify one of downtown Chicago’s few undeveloped patches of land. The Spire project not only completes funding for this underutilized stretch of top real estate, it dimensionalizes the originally planned park with a pavilion and boat landing.
The coming of Chicago’s elegant Spire signals lucrative investment opportunities in one of the nation’s hottest real estate markets. But you can’t plunk down your money for one of these upscale condos just yet: The developer, Shelbourne Development Group, has yet to secure the financial backing necessary to complete the $2 billion project. And, they won’t likely secure a dime of that until half of the building’s units have been sold. It’s quite a Catch-22.
Despite its financing challenge, Shelbourne Development insists that construction will get underway this spring. In an effort to guarantee it, the company’s owner — Garrett Kelleher of Dublin, Ireland — has reportedly committed $9 million of his own money to jump-start things. Kelleher believes his substantial personal investment will position his sales team to start marketing the luxury units as soon as September 2007. If and when condo sales reach the 50% sold mark, banks are expected to make the construction loans required to complete the Spire.
Needless to say, the financial challenge has led to some quiet skepticism. Given the Spire’s many design twists and financing turns, some question if this enormous real estate venture will actualize. But Kelleher visualizes a “sold-out heaven” for his architectural marvel. His Shelbourne Development Group will target an international crowd — one that may find Chicago appealing and viable for the vast business and entertainment options if offers. Wealthy property buyers from cities such as London and Madrid will opt-in, Kelleher believes, and help spiral his tower toward the ozone, making this a major investment success.
Ever eying 1st place, the “Second City” is eager to see Calatrava’s beacon of chic go up and away. What more “riveting” welcome could America extend its global neighbors, should they seek Olympic-sized fun on U.S. soil someday?
Sources:
Erin de Losier, “Chicago Spire Set to Soar,” Business Week
http://www.businessweek.com/innovate/content/apr2007/id20070424_493533.htm?chan=innovation_architecture_architecture
Blair Kamin, “City Panel Endorses Spire’s Latest Twist”
http://www.chicagotribune.com/news/nationworld/chi-0704191096apr20,1,2637491.story
Wikipedia, “Santiago Calatrava.”
http://en.wikipedia.org/wiki/Santiago_Calatrava
Wikipedia, “Chicago Spire.”
http://en.wikipedia.org/wiki/Chicago_Spire
