The 124-story glass-and-steel, spiraling building would rise on 2.2 acres at Lake Shore Drive and East North Water Street, as well as near the confluence of Lake Michigan and the Chicago River. The city is building DuSable Park on the lakefront, across the street from the proposed Fordham Spire.
The 150 hotel rooms would be on the lower 25 floors while 300 condominiums would be on the upper floors. Each floor would be rotated slightly, producing a spiral effect. The proposed 1,570-foot building will be topped with a 400-foot set of broadcast antennas. Despite being the tallest building in the world, Fordham Spire's 950,500 sf is in line with density limits under current zoning for the site.
However, Fordham Spire will set the high-water mark for local condominium prices. "We're looking to average $1,100 to $1,200 per sf, but that's over the next four years," Fordham Co. chairman Christopher Carley says. That would equate to $6 million for 5,000-sf penthouse units on the upper floors. Panoramic views will help drive the price, Carley believes. "The interiors are going to be so spectacular," he adds.
Carley tells GlobeSt.com negotiations could deliver a financing package next month. "We're working with a major international financial institution and we hope to have a signed term sheet in the next 30 days," he says.
Plan commission member John Nelson notes one of the previous plans for the world's tallest building, a proposal at Madison and Dearborn streets, relied heavily on revenue from the broadcast antennas. "In our financing, it has been underwritten without antenna revenue," Carley says. "The feasibility is not in the antennas, but the condominiums and hotel."
However, the star of Thursday's presentation was Santiago Calatrava, who flew in from Switzerland for the meeting. The renowned Spanish architect's portfolio includes another building on Lake Michigan, the Milwaukee Art Museum. "I know what this city represents for modern architecture," Calatrava says. "The building has the capacity of embellishing the every-day life of the people in the neighborhood."
Calatrava drew a parallel between the Fordham Spire and the Eiffel Tower. "I think this is a very unique, historical moment in the city of Chicago," says 42nd Ward Alderman Burton F. Natarus. "This building belongs to Chicago, rather than any other city in the world."
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