Bankruptcy halts Chicago skyscraper. The skyline in Chicago is one of the best in the world. The views are world famous. Many of the buildings are world famous too. It creates magnificent views of the city that sits by Lake Michigan. There were plans to add another skyscraper to the city’s skyline. Bankruptcy lawyers have put a stop to that. The new building was to be named the Chicago Spire. The building was to have views of Lake Michigan. It was to be 150 stories. The building was to be twisting and have 1,194 condos. What went wrong? Related Midwest LLC was the developer’s biggest creditor. A Related venture bought the outstanding debt on the property. The venture then consulted with bankruptcy lawyers and filed a Chapter 11 bankruptcy. That put the Spire into bankruptcy. The Spire was to be the tallest building in the Western Hemisphere. It would have changed the skyline of Chicago. The developer found a partner to provide funding to pay off the lender and exit bankruptcy. The developer just ran out of time to finalize the loan. Now, the Spire will never happen. Related Midwest LLC has taken control of the property. It is now up to Related Midwest LLC to decide what to do with the property. The housing market collapse never gave the project a chance. It is a shame. The project would have been a game changer. Thanks to the help of bankruptcy attorneys, there is hope the project can still be something special. It is on prime property on Lake Shore Drive. Related Midwest LLC is confident the bankruptcy will provide a property with a fresh start. The president of the company issued a statement. The statement recognized the importance of the site to the city of Chicago. It went on to state the company looks forward to creating an architecturally significant and thoughtful development. This is great news for everyone in Chicago. The downtown is thriving. This will even help further. Bankruptcy lawyers are working hard in the bankruptcy to make certain this property’s potential is not wasted.
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