Work stops on Chicago towers as developers seek financing

02/4/2009 | NYTimes.com

Construction of two Chicago towers has come to a halt because their developers are unable to secure additional financing. Garrett Kelleher of Shelbourne Development is developing the 150-story Spire, and Teng & Associates is developing the 90-story Waterview Tower. The developers used their own funds to start construction with the expectation of obtaining more financing in the future. In recent months, Kelleher said, he has had conversations with many financial institutions. "There's no financing available to build the Spire today," he said. "It's a matter of waiting. And that's what the plan is."

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