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Helping Hands for Stalled Chicago Spire

CHICAGO-According to the Wall Street Journal, local union workers may lend $170 million to reignite the construction.

By Ryan Clark | Updated on December 08, 2009

CHICAGO-The Chicago Spire was supposed to be the tallest building in North America, until the global financial crisis led to anemic funding and work stoppage. Now, according to the Wall Street Journal , the proposed 2,000-foot trophy is fielding a plan to infuse $170 million into the project and jump-start work again.

Pension funds from an amalgamation of workers is conducting due diligence to lend the money to Shelbourne Development Group, the Irish developer behind the record-setting structure. The pitch is that the construction of this project could fill a much-needed void in jobs over the next four to five years of the anticipated construction time.

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