CHICAGO-The Chicago City Council on Wednesday gave its approval for the Christopher T. Carley’s Fordham Spire, the 124-story glass-and-steel, spiraling building that could become the world’s tallest building. The structure will be located in the 400 block of North Lake Shore Drive.

Upon completion, anticipated in 2010, the project will 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 tower, designed by architect and engineer Santiago Calatrava, will consist of 150 hotel rooms on the lower 25 floors and 300 condominiums on the upper floors.

The unanimous vote to move forward with the building represents the final approvalhurdle for the Fordham Co., which is developing the tower. Last week, the proposal was endorsed by the city’s plan commission.

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