The Chicago Spire Receives Final Approval from The Chicago City Council

Construction on Calatrava?s Architectural Icon to Begin within the Month

CHICAGO ? Shelbourne Development Group, Inc. announced that The Chicago Spire, an iconic building designed by internationally renowned architect and engineer Santiago Calatrava, received final approval today from the 50-member Chicago City Council. This action follows unanimous approval from both the City Council Planning Commission and the Zoning Committee in April. The Chicago Spire is scheduled for completion in late 2010 with construction expected to begin this month.

?The city of Chicago has enthusiastically embraced Mr. Calatrava?s vision, and we are both thrilled and humbled by the opportunity to add another architectural icon to the city?s skyline,? said Garrett Kelleher, executive chairman of Shelbourne Development Ltd. & the Shelbourne Development Group, Inc. ?The Chicago Spire will be the world?s most celebrated address, and we look forward to beginning construction in a matter of weeks.?

The Chicago Spire, designed by a development team with experience in constructing some of the most prominent properties in the world, will provide a lifestyle unsurpassed by any other distinguished residence in the United States or abroad. Located at 400 North Lake Shore Drive, where the Chicago River meets Lake Michigan, the 2,000-foot tall elegantly twisting tower will house 1,200 unique residences with the finest amenities available anywhere in the world.

The Chicago Spire extends Santiago Calatrava?s artistic vision to create a modern and technologically advanced residential experience. Among its many extraordinary features, The Chicago Spire will include a spectacular four-story transparent glass lobby, unparalleled views from all residences, a six-story underground resident parking garage for 1,350 cars, and a one-acre landscaped public plaza.

The building will feature several innovations in engineering, including the world?s longest elevator run, a steel perimeter and concrete core. Also, The Chicago Spire will be engineered to meet the gold standard of LEED certification, which dictates among other things that rainwater be recycled for landscaping treatments, river water be used for cooling and special glass be included to protect migratory birds. Shelbourne is currently receiving bids for the caissons, which are part of The Chicago Spire?s support structure.

The Chicago sales center will be located in the NBC Tower, which overlooks The Chicago Spire site. The sales effort will be led by United Kingdom-based Savills, Plc. and will launch in early fall 2007 with a global marketing campaign. Savills is a leading international property advisor with experience marketing some of the finest residences around the globe, including One Hyde Park in London, and the Four Seasons Ocean Residence, a private ship.

For more information about The Chicago Spire and Shelbourne Development Group, Inc., see http://www.shelbournedevelopment.com/ and http://www.thechicagospire.com