"We haven't heard from [president of European American Realty]Scott Toberman," says Yvonne Gonzalez, spokesperson for Chicago's Planning Commission. "He hasn't called about whether he's lined up financing, so we don't think the project's a go. Everybody says he's out of the country right now trying to line up some financing."

European American proposed the controversial project for the world's tallest building several years ago. As envisioned, the building would be been 54 feet taller than the world's current tallest building, Malaysia's Petronas Towers. The building, if developed, will have 750,000 sf of office space along with 350 residential units. European American did not return phone calls seeking comment on its financing efforts for the tower.

In a further blow to the development's prospects, the lender for the project's 7 South Dearborn site now holds the deed to that property, according to U.S. Equities' second quarter Chicago Office Market report. The report states that the lender has put 7 South Dearborn up for sale.