- Associated Press - Friday, February 7, 2014

CHICAGO (AP) - The developer of a long-delayed project to build the 2,000-foot Chicago Spire says the plan has taken a step toward fruition now that a partner has climbed aboard with $135 million in financing.

Shelbourne North Water Street LP, controlled by Irish developer Garrett Kelleher, says the financing from Atlas Apartment Holdings LLC will be used to pay off creditors and complete the company’s reorganization.

Shelbourne attorney Tom Murphy says the developer is now in position to reopen negotiations with potential funding sources for skyscraper construction.

Atlas CEO Steven Ivankovich told Crain’s Chicago Business (http://bit.ly/1g2Ebra ) creditors are owed about $115 million; the remaining $20 million would go toward recapitalizing Shelbourne.

Ivankovich says his company backs the idea of building according to the original Spire plan, designed by Spanish architect Santiago Calatrava.

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Information from: CRAIN’S CHICAGO BUSINESS.