Shelbourne Development Files New Design of ?The Chicago Spire? with the City of Chicago

Community Groups Applaud New Look of 400 North Lake Shore Drive

CHICAGO - Shelbourne Development Group, Inc. will officially file for final design approval with the City of Chicago to build ?The Chicago Spire,? a landmark 2,000-foot tall spiraling tower at the mouth of the Chicago River along the shores of Lake Michigan.

The new plan includes several improvements to the original design that will enhance the building?s integration with the riverfront and minimize traffic flow through the neighborhood. ?We have taken what was a highly-innovative design and turned it into something even more desirable,? said Garrett Kelleher, executive chairman of Shelbourne Development Ltd. & the Shelbourne Development Group, Inc. ?We look forward to the city?s approval and to breaking ground next year.?

Famed architect and engineer Santiago Calatrava, who is both the lead architect and engineer for the project, echoed Kelleher?s enthusiasm. ?"The sculptural idea of an extremely slender building that twists as it rises has been retained. But, I believe the design is more mature than it was initially, and the relationship between the building and the city is better, which is something I could accomplish only with Mr. Kelleher?s partnership,? said Calatrava.

Tomorrow, the city planning department will begin reviewing the proposal, which calls for a property encompassing 3 million square feet and soaring 2,000-feet above the ground. However, unlike the initial concept, The Chicago Spire will not include a broadcast antenna, nor will it include a hotel or retail space. The number of floors has increased from 124 to 160, and the number of exclusive condos now exceeds 1,300. The tower?s spectacular lobby will feature 56-foot tall ceilings and glass walls allowing for an unobstructed view through the base on all sides.

To maximize the property?s riverfront access, The Chicago Spire will be situated along the Ogden Slip at the northern end of the property. The new plans call for an underground 5-floor garage, which will sit under the building?s riverside plaza. The development team is also dedicated to the early development of DuSable Park, which borders the property to its East.

Kelleher and members of his development team, including Calatrava, conducted a series of introductory meetings this week with city homeowners and community groups with a presence in the Streeterville area to discuss development plans and the construction of the building.

?It was important to us that we had the opportunity to receive feedback from the community before submitting our design for city approval,? said Kelleher. ?I am now even more confident that we will develop a building that the city and neighborhood will embrace and which will take its rightful place in the history of modern architecture.?

The earliest the city might approve the changes would be next month. For more information about The
Chicago Spire and Shelbourne Development Group, Inc., see
http://www.shelbournedevelopment.com/.

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 Development Group, Inc. holds significant investment properties in Europe.