a spokeswoman for the developer announced that construction was continuing on the building, but that the pace of construction would be slowed until the financial markets recovered from the subprime mortgage crisis. Kelleher promised that he still had financial backing, although analysts questioned the ability of the project to survive the current economic decline. A contractor to build the building's superstructure had not yet been named. The October 1, 2008 edition of The Wall Street Journal said that the building foundation was complete and the above ground construction would not continue until the markets recover. The Spire has remained a fenced-off hole in the ground at 400 N. Lake Shore Drive since 2008. But before Shelbourne faced financial difficulties and was forced into bankruptcy, about 370 of the planned 1,200 luxury condos were sold, half of which were to people outside the U.S., according to the suit. “Shelbourne remains the only person logically capable of completing it because it still owns the intellectual property necessary to construct it and it still maintains the goodwill of the diverse governmental and community interests without which a project of this dimension would be doomed,” the lawsuit states. Underground phase Crane parts and construction equipment arrived at the site on June 25, 2007. The following day Shelbourne Development officially announced the first construction contract. In preparation for construction, 34 concrete and steel caissons were drilled into bedrock underground; this was completed June 25, 2008. A cofferdam with a diameter and depth was installed to create a work environment and would have later acted as a foundation for the building's core. Utility upgrades were planned for the surrounding neighborhood. Images See also List of skyscrapers List of tallest buildings in Chicago List of tallest buildings in the United States List of buildings with 100 floors or more World's tallest structures References Notes Further reading Keegan, E. (2005). Calatrava designing massive tower in Chicago. Architectural Record, 193, 29. McKeoug, T. (2006). Artist at work: Santiago Calatrava. Azure, 22, 56–61. Nobel, P. (2005). Onward and upward? Four years after 9/11 – at perhaps the peak of the real estate bubble – very tall has never been hotter. Metropolis, 25, 66–72. Pridmore, J., & Larson, G.A. (2005) Chicago Architecture and Design : Revised and expanded. Harry N. Abrams, Inc.: New York. External links Proposed skyscrapers in the United States Unfinished buildings and structures in the United States Residential