SEARCH IN BRIEF

 
Embattled Chicago Spire developer hangs on, barely

Over the past few days, reports have surfaced about Shelbourne Development Company and the tide of troubles that have beset the Irish company as the result of its unrealized quest to build the world’s tallest residential tower, the Chicago Spire designed by Spanish architect Santiago Caltrava.

On Monday, the Chicago Tribune reported that Shelbourne closed it posh sales office in the NBC tower to move to a much less grand space nearby. But the closure did not happen quietly. Rather, Shelbourne was forced to move, by notice of the courts, for unpaid rent in the amount of $55,082. But the back rent is but a drop in the bucket of what appears to be much deeper financial woes. Shelbourne’s head, Garret Kelleher, remains embroiled in litigation with Bank of America, which has charged the developer with defaulting on a $4.9 million loan for the Spire And earlier this year, Shelbourne’s subsidiary, Ireland-based Clarinabbey Ltd., recorded a $197.2 million loss for the year ending March 2009, much of it tied to the Spire.

With the financial walls crumbling around it, Shelbourne is losing key staff. Joe Harmening, the Spire’s director of development, hired in 2007, left the firm earlier this year and has not been replaced. And, in the oddest bit of news, reported today by the Irish Independent, Shelbourne’s finance director, Emmet O’Reilly, has left the company to head an internet start-up, Weedle, which links people’s skills to available jobs.

Perhaps O’Reilly can find work for Kelleher, as, from the looks of things, he might be job-hunting soon.

IN BRIEF
Wednesday 19 May 2010
Nina Giglio joins Perkins Eastman Charlotte Office as Specifications Manager
Wed 01 Oct 2014
Associate Director Nina Stiff and Project Coordinator Shen Fei Lam join Benoy in Kuala Lumpur
Fri 26 Sep 2014
One Thousand Museum takes a step closer to construction
Wed 24 Sep 2014
59 new Fellows elected by Royal Academy of Engineering
Tue 23 Sep 2014
Faculty member Hernan Diaz Alonso announced as the next Director of SCI-Arc
Fri 19 Sep 2014
East County Hall of Justice breaks ground in Dublin
Fri 19 Sep 2014
Mott MacDonald acquires Bentley Holdings
Fri 19 Sep 2014
Shedkm receives planning for Circus Street scheme
Thu 18 Sep 2014