Gene Saffold, Mayor Richard Daley's chief financial officer said the global economic downturn had squashed the deal, the Chicago Tribune reported Tuesday.
Chicago will keep $126 million in earnest money on the 99-year lease agreement and try to find a new tenant when the economic picture improves, the newspaper said.
City Council members approved the agreement with a 49-0 vote last year. But, "the company cannot secure the financing needed," Saffold said.
'SNL': 'Anchorman 2' cast, One Direction sing 'Afternoon Delight' [VIDEO]
Exploding whale video goes viral on Internet