Shelbourne Development Awards Contract to Build Foundation of The Chicago Spire

    City grants permit - construction on Calatrava's icon to begin within
weeks

    CHICAGO, June 26 /CNW/ - Shelbourne Development Group, Inc. announced
today it has awarded Case Foundation Company a contract to begin construction
on The Chicago Spire, the 2,000-foot tall twisting residential tower located
at 400 North Lake Shore Drive. The City of Chicago has granted Case the permit
and construction will commence within weeks.

    "This marks a significant milestone, as it was the last step before
officially beginning construction on The Chicago Spire," said Garrett
Kelleher, executive chairman of Shelbourne Development Ltd. & the Shelbourne
Development Group, Inc. "We're very proud to add Case to our outstanding
global development team."

    Case will provide 34 concrete and steel caissons that will comprise the
foundation of The Chicago Spire. The caissons will be drilled 120-feet deep
into the bedrock to support the 150-story building's structure. In addition,
Case will excavate a 104-foot diameter cofferdam 78-feet deep to create a dry
work environment. The cofferdam will serve as the foundation for the core of
the building.

    Construction of this underground phase is expected to be finished in the
first quarter of 2008. Environmental remediation is complete on The Chicago
Spire site and Shelbourne's environmental consultants STS have completed
gathering field samples at DuSable Park. The Chicago Spire site has been
cleared, secured and is ready for caisson construction. The Spire is scheduled
for completion in late 2010.

    The sales effort will launch in September 2007 with a global marketing
campaign. The Chicago sales center will be located in the 18th floor of the
NBC Tower, 454 N. Columbus Drive, which overlooks The Chicago Spire site.
United Kingdom-based Savills Plc., a leading international property advisor
with experience marketing some of the finest residences around the globe, will
lead the sales campaign.

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

For further information:

For further information: Weber Shandwick Kim Metcalfe Direct: (312)
988-2393 Cell: (312) 802-0211 kmetcalfe@webershandwick.com