The Chicago Spire Officially Launched

CHICAGO, September 27 /PRNewswire/ --

- Global Sales Campaign to Launch in Chicago in January Followed by a 
14-City World Tour

The Chicago Spire was officially launched last night at an event held in
Chicago's Millennium Park. An invited audience of nearly 500 people heard
presentations by Santiago Calatrava, the architect of the 2,000-foot iconic
residential building on the shores of Lake Michigan, and Garrett Kelleher,
executive chairman of Shelbourne Development Group, Inc.

The event also marked the unveiling of The Chicago Spire Sales Center
located on the 18th floor of NBC Tower, overlooking the site. At 19,815
square feet, the Sales Center includes full-scale re-creations of apartment
interiors and original artworks by Calatrava. Appointments are now being
taken for the sales centre opening on January 14, 2008. The global sales
drive begins the same month with an exhibition road show to 14 key cities in
south and southeast Asia, Europe and South Africa.

"The Chicago Spire is a remarkable building on an exceptional site," said
Garrett Kelleher. "We've brought together a world class team to create what
will not only become an amazingly beautiful home for its residents but a
building that will be a dynamic new symbol for the city of Chicago."

When complete in 2011, the building will be home to 1,193 individual
residences and a range of amenities that will rival any in the world,
including private theaters, a therapeutic spa, spectacular pool overlooking
Lake Michigan and a highly-advanced gym. No two residences are alike at The
Chicago Spire, with suites, galleries, one-four bedroom homes and penthouses
offering unique floor plans and different views of the city and lakefront
from floor-to-ceiling windows. Ranging from 534 - 10,293 square feet, units
are priced from $750,000 USD - $40,000,000 USD.

Santiago Calatrava has conceived the design as an aesthetic whole,
overseeing the development of all apartment floorplans and creating new
designs and artwork for the interiors.

"I am extremely happy to have been given this opportunity to add
something unique to Chicago's architectural heritage and to what I believe is
one of the most beautiful skylines in the world," said Santiago Calatrava.
"Thanks to the vision and support of Garrett Kelleher, we are also making the
river and lakefront more accessible and enjoyable."

A tower of this significance could only be built in Chicago, according to
the marketing and sales team.

"Chicago has a dynamic economy with major inward investment and business
expansion," said Dominic Grace, Head of Savills Residential Development and
leader of the global sales and marketing campaign. "It is a culturally and
economically diverse city with a superb infrastructure and an incredibly
vibrant lifestyle. This is a significant development not only for the city
but for the world."

Situated on a 2.2 acre site where the Chicago River meets Lake Michigan,
The Chicago Spire will be the world's tallest residential building and build
on the city's significant architectural legacy. The site plan, designed by
Santiago Calatrava, incorporates DuSable Park and will create a new lakefront
destination for the people of Chicago to enjoy.

Each floor rotates on average 2.44 degrees from the one below, with a
total rotation of 360 degrees as it reaches its 2,000-foot height. Among its
many engineering achievements, The Chicago Spire has a base-to-height ratio
approaching one to ten, making it the most slender supertall building in the
world. It will also shatter the record for the longest continual elevator
lift by 500 feet.

Construction of The Chicago Spire began in June 2007. The 34 caissons are
currently being drilled 110 feet into bedrock, and ramp access from lower
Lake Shore Drive will begin Q4 2007. Completion and occupancy is expected Q4
2011.

For more information, see http://www.thechicagospire.com, or contact the
Sales Center at +1-312-516-4800 to make an appointment.

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.

Web site: http://www.thechicagospire.com