Shelbourne Development Awards Contract to Build Foundation of The Chicago Spire

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.