In February, Kelleher crafted a financing agreement with Northbrook-based Atlas Apartment Holdings under which it would supply, either from its own funds or from other investors, up to $135 million to enable Shelbourne to pay creditors and exit bankruptcy. In return, Atlas would take control of the 2.2-acre site at 400 N. Lake Shore Drive and, with Kelleher's assistance, develop the site. Kelleher has said he still wants to construct the twisting 2,000-foot-tall residential building he imagined before the housing market crashed.