The Tribune Media company is trying to make good on its real estate assets, and in addition to redeveloping some of its property along Chicago Avenue, the company has just announced that it is also considering a major redevelopment of its landmark Tribune Tower on Michigan Avenue. Built in 1925, the 34 story neo-Gothic tower has long been a staple of the Chicago skyline, but Trib execs feel that given its location, more could be done to capitalize on the valuable real estate.
As the Tribune reported yesterday, the tower itself contains 737,000 square feet of space, but the property is zoned to allow up to 2.4 million square feet of space. However, Trib execs have indicated that nothing is going to happen to the tower over night. As far as any alterations to the tower are concerned, the company would need to earn the support of the Commission on Chicago Landmarks before anything could move forward.
However, the company would likely have less red tape to cut through in redeveloping its property along Chicago Avenue. In a presentation, Tribune Media released conceptual renderings for both the Tribune Tower redevelopment and the redevelopment of the seven acre property at 700 W Chicago Avenue. The render reveals a utopian looking stretch complete with a series of contempo modular structures standing near the Chicago River. Considering how hot office space in River North has become, redeveloping the underutilized property along Chicago Avenue could be a huge push for bringing more office and retail tenants over the river.
·Tribune Tower redevelopment under consideration [Tribune]
·Tribune to Redevelop 7 Acres of Property on Chicago Avenue [Curbed Chicago]