The sales office of Shelbourne Development Limited was expected to open Monday in a bid to sell units in what could become the world's tallest residential tower. Shelbourne is marketing 1,194 units for a high end Chicago Spire, a 2,000 foot tower that will sell for a minimum of $1,400 per square foot.
It translates into a minimum of $750,000 per unit, a price which is expected to further boost land prices in downtown Chicago.So far 600 interested buyers have booked appointments for a glimpse of building plans and model units at Shelbourne's sales office.
Shelbourne has joinred hands with Santiago Calatrava to build one of the most audacious architectural designs ever attempted. The building will have a unique seven sided corkscrew design to reduce wind pressure. Construction began in June 2005 and is expected to be completed by 2011.The coolest thing is that the top floor will let you see the curvature of the planet simply by looking out of the window.The project is expensive with estimates of cost reaching half a billion dollars.
A company spokeswoman told the Chicago Tribune: "There's interest in the building because it is one of a kind.' With unit prices ranging from $750,000 to $15 million, the high end tower, will appeal to a specific audience, she added.
After initially opening its office to American investors Shelbourne will offer its development overseas where it expects to sell at least 1000 units. Shelbourne chief executive Garrett Kelleher said the international road show kicks off January 23rd where it will visit London, Dublin,Moscow, Shanghai, Johannesburg,Hong Kong and other major capitals.
With the American real estate market on the downtrend skeptics are wary of the project's viability.They point out visits and actual sales are vastly different.James Kinney, president of Rubloff Residential Properties, a Chicago based high end property broker, told the newspaper, 'In this market for the Spire to get several hundred contracts to move ahead with construction will be difficult.'
To counter the slow pace of sales growth across the country, developers are throwing in discounts, which typically range from 3 to 5 percent. Also being thrown in are attractions such as free parking and free finishes such as granite counter tops.
When delivered in 2011 with 150 stories it is expected to stand taller than Chicago's Sears Towers, New York's upcoming Freedom Tower and Toronto's CN Tower. It has undergone three major design revisions since its launch in July 2005.