Shelbourne North Water Street, headed by Irish developer Garrett Kelleher, has filed a motion for approval of a plan investment agreement for the Chicago Spire project with Atlas Apartment Holdings.
Atlas is a major international residential developer and apartment owner headquartered in Chicago.
It has agreed to pay Shelbourne's creditors, allowing it to emerge from bankruptcy and restart work on the long-stalled residential project.
Before the recession, the vertical foundations of the 2,000 feet tower and underground garage had been completed, as had the ramps to lower Lake Shore Drive.
Garrett Kelleher said that given the ongoing recovery in the Chicago property market, the timing is better now than when this project commenced. "I am delighted to have found a partner who believes in the project as passionately as I do," he added.
The project is expected to create over 15,000 construction jobs.
Construction on the tower was stopped in 2008 after several years of financing challenges, including the global recession that began that year.
"We have been working with Garrett over the past several months and now share his belief and vision in the Chicago Spire. This is a building that deserves to be built and built in Chicago. Atlas is committed to making this happen. The Spire will offer a very high end product to a demanding local and international public," commented Steven Ivankovich, the CEO of Atlas.