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Developer to buy debt on failed Chicago Spire project: report

Updated: June 24, 2013 7:44PM

A developer has an agreement to buy the debt on the failed high-rise project known as the Chicago Spire, according to a Wall Street Journal report that cited a source familiar with the deal.

The planned condo building — located a stone’s throw from Navy Pier — was supposed to tower above all others in North America, but workers dug only a hole in the ground before a souring economy left Irish developer Garrett Kelleher’s firm mired in debt, litigation and foreclosure.

Related Midwest, a division of New York-based Related Cos., made the deal to buy the debt — totaling $93 million — at an undisclosed discount from Ireland’s National Asset Management Agency, which is charged with handling the country’s distressed real estate assets, according to the report.

The deal is expected to close this month but is not a sure thing, the report stated.

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