(Newser) – The Chicago Spire, designed by Spanish architect Santiago Calatrava, is finally under way. Following an ownership change, a design change and a name change, what will become the nation’s tallest building will be completed in 2010.

Located at a choice spot on Chicago’s lakefront, the building is expected to cost $1.5 billion. The City of Chicago approved the project in April. The building, which will include 1.200 condominiums, will now be owned and managed by Shelbourne Development.