Posted Feb 27, 2018, 10:59 PM
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Adoptive Chicagoan
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Join Date: Sep 2007
Location: River North, Chicago, Illinois
Posts: 5,157
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Developer of mothballed Chicago Spire seeks $1.2B in suit
From Crain's:
Quote:
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A glaring symbol of the excesses of last decade's condominium bubble, the Spire site at Lake Shore Drive and the Chicago River remains a big, highly engineered hole in the ground, waiting to be developed by its current owner, Chicago developer Related Midwest. But Kelleher contends his firm, Shelbourne Development, would have never lost the parcel had it not been for the mismanagement and "malice" of NAMA, a government body created in 2009 to dispose of Irish banks' bad real estate debt.
NAMA, and an affiliate, National Asset Loan Management, mishandled the process of disposing the $92.5 million debt on the Spire, shortchanging Irish taxpayers of about $57 million, according to the 60-page lawsuit, which was filed today in U.S. District Court in Chicago.
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