Irish Developer Will Build North America's Tallest Building in Chicago; Construction to begin on the site formerly known as the ''Fordham Spire'' in 2007

CHICAGO -- July 19, 2006 -- Garrett Kelleher, executive chairman of Shelbourne Development Ltd & the Shelbourne Group has acquired the land and will fund the development of 400 North Lake Shore Drive. The city has already granted zoning approval for a 124-story residential and hotel tower on this site. Situated at the mouth of the Chicago River, it would be the tallest skyscraper in North America and Europe. The plan of development for the site is designed by world-renowned architect and engineer Santiago Calatrava.

Kelleher is one of Ireland's most innovative property entrepreneurs and professionals. He has an extensive interest in property development projects in London, Paris, Brussels, and the Bordeaux region of France. His love of Chicago is strong and personal. He lived in the city for 10-years beginning in 1986 when he arrived with only $500 in his wallet. He worked as a subcontractor, contractor then developer before leaving in 1996 to return to Ireland with his family.

"I love the city of Chicago," said Kelleher. "It has a special place in my heart. Two of my six children were born here and it will always be my second home. I'm very excited to have the opportunity to contribute to the Chicago skyline and look forward to developing a property that the city and the Mayor can be proud of."

The site is situated at the intersection of Lake Shore Drive and the Chicago River and will have its own Lake Shore Drive access. The plan of development calls for a building measuring approximately 2,000 feet (610 meters), to the top of the tower including spires/antennae and 1,570 feet (478 meters) to the roof - the tallest free-standing structure in North America and Europe, surpassing Chicago's Sears Tower and Toronto's CN Tower. The building will comprise of 920,000 square feet.

The $1.2 billion development would include 300 luxury condominium residences, ranging from $600,000 - $5 million, and a five-star, 20-story hotel. Approximately 50,000 square feet of retail and support space is planned for the floors overlooking the river and Lake Michigan.

Construction is anticipated to start in early 2007, with completion expected late 2010.

Tom Murphy of Thomas J. Murphy, P.C., general counsel for Kelleher says he's not surprised all this is happening in Chicago as the city holds incredible memories for Kelleher.

"Chicago is the perfect fit for Garrett to do his magic as an international developer. Not only does the city mean something special to Garrett, but he sees Chicago as the world class community that it is," said Murphy.

Bill Russell of Freeborn & Peters LLP, a Chicago law firm, has acted for Kelleher since the early 1990's and is working with him on the North Lake Shore Drive development deal.

Anglo Irish Bank is providing the financing for the site acquisition. Tony Campbell, President and CEO of Anglo Irish Bank's North America operations says, "We have a very extensive and successful relationship with Garrett Kelleher spanning well over a decade and are delighted to have the opportunity to support his renewed interest in Chicago by assisting in the financing of this site."

Christopher T. Carley, founder and CEO of The Fordham Company, initiated the design by Calatrava, but fell short of procuring sufficient financing. Kelleher says he will consider using Carley's services going forward on the development.

About Shelbourne Development

Shelbourne Development, headquartered in Dublin, is one of Ireland's leading property development companies, widely regarded as one of the country's most professional and progressive developers. In the past three years, Shelbourne's experienced team, known for its track record in evaluating and capitalizing on cycles in property markets, has completed in excess of 1.5 million square feet of construction in Ireland. It currently has a development pipeline in Dublin in excess of $2 billion US. Shelbourne is currently pursuing developments and projects in Ireland, UK, France and Chicago. Garrett Kelleher, executive chairman of Shelbourne Development Ltd & the Shelbourne Group holds significant investment properties in Europe.