Who says the multi-dwelling unit (MDU) market isn't still "rising?"

The MDU market itself may not be rising, but at least one condo structure in Chicago certainly is.

Shelbourne Development, an Irish development company, is planning to construct the tallest building in U.S. and Europe, a 124-story condo development.

Irishman Garrett Kelleher, executive chairman of Shelbourne Development, has acquired the land and will fund the development of "400 North Lake Shore Drive" in Chicago. The city has already granted zoning approval for a 124-story tower on this site, according to a press release from Shelbourne.

Situated at the mouth of the Chicago River, it would be the tallest skyscraper in North America and Europe. The plan of the site is designed by world-renowned architect and engineer Santiago Calatrava.

The condos will measure approx 2,000 feet to the top of the tower including spire/antennae and 1,570 feet to the roof ? therefore the tallest free-standing structure in North America and Europe, surpassing the Sears Tower in Chicago and the CN Tower in Toronto Canada.

The building will cover 920,000 square feet. It will include 300 luxury condominium residences, and a 5-star 20-story hotel. Approximately 50,000 square feet of retail and support space is planned for the podium floors overlooking the Chicago river and Lake Michigan.

Construction is anticipated to commence in early 2007 on the $1.2 billion development.

Garrett Kelleher lived in Chicago for 10 years before returning to Ireland in 1996 and since then his company Shelbourne Development has grown substantially in this market and beyond. In the past three years alone, Shelbourne has completed in excess of 1.5 million square feet of construction in Ireland.