Three years after it was hired for work at the Chicago Spire site, a Des Plaines-based company’s effort to get paid $512,000 may be the final unraveling of Shelbourne Development Group’s plan to build what was supposed to be the tallest U.S. skyscraper.
Earlier this month, Anglo Irish Bank Corp., Ltd., the bank that gave Shelbourne funds to acquire the property at 400 N. Lake Shore Drive, filed a foreclosure lawsuit against Shelbourne. Anglo Irish said Shelbourne defaulted on its $77.3 million loan.
The bank is asking the court, among other things, to order a judgment of foreclosure and sale, and to put its claims ahead of all others. In the past two years, numerous firms that have worked on the project have placed liens against it, claiming they are owed more than $46 million for completed work.
