Chicago Spire (2007-2010)
Developer Garrett Kelleher broke ground in 2007 on a 150-story Santiago Calatrava tower at the lakefront. The 2008 financial crisis froze his Irish financing, and work stopped with the foundation partially built.
The project went into receivership in 2010, leaving an open excavation hole for years. It was later filled and sold; no tower was ever built.
Chicago investors grew skeptical of speculative megaprojects, and the Spire remains a cautionary tale of grand plans dying at the foundation stage.
Lincoln Yards collapsed the same way, on financing rather than demand. Foundry Park's scaled-back plan is a direct response to that risk.
