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Developer Of Spire Seeking To Revive 2,000-Foot Skyscraper Project

The worksite for the Chicago Spire skyscraper sits abandoned (Scott Olson/Getty Images)

The worksite for the Chicago Spire skyscraper sits abandoned (Scott Olson/Getty Images)

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CHICAGO (CBS) – An ambitious plan to build a 2,000-foot skyscraper in Streeterville could be getting new life, after the developer of the Chicago Spire reportedly found an investor to help it emerge from bankruptcy.

According to multiple news reports, Irish developer Garrett Kelleher’s firm, Shelbourne North Water Street LP, has asked a bankruptcy court judge to approve a $135 million investment from Atlas Apartment Holdings LLC, to pay off Shelbourne’s creditors, and fully fund its reorganization.

Crain’s Chicago Business reports, if approved by the court, the investment would allow Shelbourne to jumpstart plans for the twisting 150-story “Chicago Spire” condo building at 400 N. Lake Shore Dr.

An artist's rendering provided by the Fordham Company depicts the newly proposed 2,000-foot Fordham Spire skyscraper, to be built in Chicago and designed by architect Santiago Calatrava, at the offices of the Fordham Company July 28, 2005 in Chicago, Illinois. If built, the tower will be the tallest building in the U.S.  (Illustration by Fordham Company via Getty Images)

An artist’s rendering provided by the Fordham Company depicts the newly proposed 2,000-foot Fordham Spire skyscraper, to be built in Chicago and designed by architect Santiago Calatrava, at the offices of the Fordham Company July 28, 2005 in Chicago, Illinois. If built, the tower will be the tallest building in the U.S. (Illustration by Fordham Company via Getty Images)

The project stalled in 2008, largely due to the foreclosure crisis, and the only work that had been done at the time was the completion of a 76-foot-deep foundation for the skyscraper.

It’s unclear how Kelleher plans to fund remaining construction of the Spire, how soon work could resume, or when he expects it could be completed.

If completed, the Spire would be the tallest building in the western hemisphere.

According to news reports, Shelbourne is seeking to have his reorganization plan confirmed by the court by Aug. 31. Under the plan, some or all of the 2.2-acre property could be transferred to Atlas.

Atlas CEO Steven Ivankovich told the Chicago Tribune his company shares Kelleher’s “belief and vision in the Chicago Spire.”