Plans for the world's tallest residential tower in Chicago will go ahead even though United States property prices are falling at their fastest rate for 37 years.
Dubbed an 'oversized drill bit' by Chicagoans because of its distinctive twisting, tapering form, the 2,000-foot high Chicago Spire is scheduled for completion in 2011.
Marketing of the tower's 1,193 apartments was planned to start from a 20,000 square foot sales suite by the end of last month. However, this has been postponed to January 13 next year, because of a delay in receiving final permission from city authorities while complex details were being ironed out, the project's developer, Shelbourne Development, said.
'I have been told in the last couple of days that permission will be given but we still have to wait for it to become public,' Garrett Kelleher, the chief executive of Shelbourne Development, said.
Prices for apartments range from US$750,000 for one-bed studios to US$40 million for a four-bed duplex penthouse at the top of the 150-storey tower. Apartment sizes range from 534 sq ft to 10,293 sq ft.
No two apartments will be the same shape because of the tower's irregular form. Celebrated Spanish architect Santiago Calatrava has designed all aspects of the building - from its overall form to the door handles.