Nov. 04--Related Midwest has received the deed to the Chicago Spire site, ending the saga for control of a much-coveted site along North Lake Shore Drive.
Joseph Frank, an attorney representing Irish developer Garrett Kelleher's Shelbourne North Water Street in the Chapter 11 bankruptcy case, confirmed Tuesday that the deed to 400 N. Lake Shore Drive was delivered to Related on Monday.
After the transfer, Related on Monday night withdrew a motion it had filed Saturday in U.S Bankruptcy Court to compel Shelbourne to turn over the paperwork.
While there remain loose ends to tie up in Shelbourne's bankruptcy reorganization, Related Midwest is now free to pursue the development of the site itself or sell it to another entity. It has not disclosed its intentions for the property.
"We recognize the importance of this site to the city of Chicago and look forward to creating an architecturally significant and thoughtful development befitting this premier location," said Related Midwest president Curt Bailey in a statement.
mepodmolik@tribune.com
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