The Chicago Spire Is 30% Sold

More than ever it seems having a snappy website and a dramatic plan by a popular architect does not guarantee that a building will be built. But the developer behind one of the most ambitious projects in the U.S., the Chicago Spire, is saying that the Santiago Calatrava-designed building is a go. The developer says they have already sold 30 percent of the building's condo units, sending a strong signal that there is enough interest in the project despite the fact that the condos are priced higher than others in the city (the studio units start at $750,000) and that the developer has required 15 percent of a unit's price upfront for each sale.

The Shelbourne Development Group, has been financing construction but that will change later this year and so everyone will be watching to see what new lenders step forward to back the project. The Spire will have 1,194 units total including the still-for-sale $40 million penthouse. If all proceeds as planned, move in is set for 2012.