Chicago Tribune Tower developers pitch hotel, residential redo

Chicago tribune tower developers pitch hotel, residential redo
© Bloomberg

A group of developers on the short list to buy Tribune Tower want to convert the Gothic Michigan Avenue landmark into condominiums, apartments and even a hotel, but the bigger opportunity may be the lot next door.

Tribune Media, which put the 36-story tower up for sale in October, is in the final stages of picking a buyer for the property, having narrowed the list to a small set that includes CIM Group, a Los Angeles-based developer that owns the Block 37 mall, and two Chicago firms: Oxford Capital Group, developer of the new LondonHouse hotel across the river, and Riverside Investment & Development, which is building a 54-story office tower in the West Loop, according to people familiar with the bidding process.

The entire Tribune property, which includes a parking lot to the east of the tower, could sell for $230 million to $260 million, these people said.

Sitting just north of the Chicago River on the Magnificent Mile, the property offers a location that’s hard to beat, though converting the tower to a new use would be complex and risky.

The property also comes with something all developers love: land for new buildings. A buyer could build one or two more towers on the parking lot next door and on space created by demolishing some of the existing Tribune building that is not landmarked. […]

Aline Chahine
Aline is an international licensed architect currently practicing in Canada, she is the reason you are reading this right now, Aline founded the platform back in 2008 shaping the very foundation of Architecture Lab, her exemplary content curation process that defines the online magazine today.

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