After a three-year foreclosure fight, the failed Chicago Spire project has landed in bankruptcy court, the Chicago Real Estate Daily reported yesterday. The owner of a defaulted loan on the aborted condominium tower and other creditors filed an involuntary bankruptcy petition against the developer of the downtown project, which at 2,000 feet high would have been the tallest building in the Western Hemisphere. The condo bust foiled that plan, leaving its creator, Irish developer Garrett Kelleher, with a big hole in the ground and a pile of unpaid debts. In June, developer Related Midwest LLC bought the delinquent $69.5 million loan on the development site at Lake Shore Drive and the Chicago River. Related ventures and two other creditors filed the bankruptcy petition yesterday in U.S. Bankruptcy Court in Delaware. In all, the Spire creditors say they are owed $82.5 million.
