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Irish Developer Nabs $1B-Plus Development

CHICAGO-After the Fordham Co. falls short of financing, Ireland-based Shelbourne Development will now take over the $1.2-billion development at 400 N. Lake Shore Dr.

By Dana Dubriwny | Updated on July 19, 2006

(To read more on the debt and equity markets, click here.)

CHICAGO-With Christopher T. Carley’s Fordham Spire plan falling short of sufficient financing, the opportunity was ripe for Garrett Kelleher, executive chairman of Dublin, Ireland-based Shelbourne Development Ltd. & the Shelbourne Group, to acquire the land and fund the development at 400 N. Lake Shore Dr.

Tom Murphy of Thomas J. Murphy, PC, general counsel for Kelleher, says the developer purchased the land for $65 million following Carley’s inability to close by Monday. As far as Carley’s role in the development moving forward, Murphy tells GlobeSt.com that “any future relationships will have to be negotiated to see what people may or may not play out.” Murphy could not speculate on Carley’s response to the turn of events, and calls to the Fordham Co. were not returned by press time.

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