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Spire Plan Gets Warm Welcome, Financing May Be Near

CHICAGO-Fordham Co. chairman Christopher Carley tells GlobeSt.com a signed term sheet with a major international lender could come through next month. Development of the $550-million, 124-story spire on 2.2 acres at Lake Shore Drive and E. North Water St. would still hinge on pre-sales of 300 condominiums and 150 hotel rooms.

By Mark Ruda | Updated on March 16, 2006

CHICAGO-A proposal to build the world’s tallest building in the 400 block of N. Lake Shore Drive was warmly endorsed Thursday by the plan commission. More importantly, Fordham Co. is closing in on a financing deal to build its $550-million project.

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.

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