Shelbourne Development Awards Contract to Build Foundation of The Chicago Spire

City grants permit construction on Calatravas icon to begin within weeks

CHICAGO--()--Shelbourne Development Group, Inc. announced today it has awarded Case Foundation Company a contract to begin construction on The Chicago Spire, the 2,000-foot tall twisting residential tower located at 400 North Lake Shore Drive. The City of Chicago has granted Case the permit and construction will commence within weeks.

"This marks a significant milestone, as it was the last step before officially beginning construction on The Chicago Spire," said Garrett Kelleher, executive chairman of Shelbourne Development Ltd. & the Shelbourne Development Group, Inc. "We're very proud to add Case to our outstanding global development team."

Case will provide 34 concrete and steel caissons that will comprise the foundation of The Chicago Spire. The caissons will be drilled 120-feet deep into the bedrock to support the 150-story buildings structure. In addition, Case will excavate a 104-foot diameter cofferdam 78-feet deep to create a dry work environment. The cofferdam will serve as the foundation for the core of the building.

Construction of this underground phase is expected to be finished in the first quarter of 2008. Environmental remediation is complete on The Chicago Spire site and Shelbournes environmental consultants STS have completed gathering field samples at DuSable Park. The Chicago Spire site has been cleared, secured and is ready for caisson construction. The Spire is scheduled for completion in late 2010.

The sales effort will launch in September 2007 with a global marketing campaign. The Chicago sales center will be located in the 18th floor of the NBC Tower, 454 N. Columbus Drive, which overlooks The Chicago Spire site. United Kingdom-based Savills Plc., a leading international property advisor with experience marketing some of the finest residences around the globe, will lead the sales campaign.

For more information about The Chicago Spire and Shelbourne Development Group, Inc., see http://www.shelbournedevelopment.com/ and http://www.thechicagospire.com.

About Shelbourne Development

Shelbourne Development, headquartered in Dublin, is one of Ireland's leading property development companies, widely regarded as one of the countrys most professional and progressive developers. In the past three years, Shelbournes experienced team, known for its track record in evaluating and capitalizing on cycles in property markets, has completed in excess of 1.5 million square feet of construction in Ireland. It currently has a development pipeline in Dublin in excess of $2 billion US. Shelbourne is currently pursuing developments and projects in Ireland, UK, France and Chicago. Garrett Kelleher, executive chairman of Shelbourne Development Ltd & the Shelbourne Development Group, Inc. holds significant investment properties in Europe.

Contacts

Weber Shandwick
Kim Metcalfe
Direct: (312) 988-2393
Cell: (312) 802-0211
kmetcalfe@webershandwick.com

Contacts

Weber Shandwick
Kim Metcalfe
Direct: (312) 988-2393
Cell: (312) 802-0211
kmetcalfe@webershandwick.com