More Info on the Chicago Spire Debacle


Following up on a post from a short while ago concerning the troubles surrounding Santiago Calatrava‘s Chicago Spire and how construction has ground to a halt due to financial issues with the developer which include lots of money owed to Calatrava and another firm, as well as a pinch from the credit markets that were supposed to help carry the project along, Architectural Record has a piece up with some info about how it all went wrong, with the developer now scrambling to explain why this is happening and how everything will be okay, but everyone outside of the project not expecting much to ever come from it now. It also includes this little tidbit, which we found bizarrely fascinating:

About 30 percent of the tower’s 1,200 condominiums are sold, including the penthouse, originally priced at $40 million and snapped up by Beanie Babies magnate Ty Warner.

Although we were sort of excited to see the Spire go up (despite sticking out like a sore thumb within the Chicago skyline), we do feel fairly fortunate that we won’t have to worry anymore about Ty Warner looking down at us from his sky castle.