Posted Jul 18, 2017, 3:32 AM
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THAT Guy
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Join Date: Oct 2005
Posts: 5,949
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Quote:
Redeveloping Newspaper Headquarters
The Chicago Tribune
The Chicago Tribune site at 700 West Chicago Avenue in the River West area of the city totals more than seven acres of developable riverfront land across from the newspaper group’s Freedom Center printing and distribution facility. Mixed-use development has been on the rise in Chicago, as has demand for creative and tech space in the city center. Long-range development plans are pushing the city’s growth beyond the traditional Loop core, outward to urban microdistricts, including the River West area, where larger floor plates are possible.
Tribune Media, the owner of the Chicago Tribune site, is trying to generate revenue from the company’s vast real estate holdings. The redevelopment of the 700 West Chicago site is a key component of this goal. Tribune Media will partner with Chicago-based Riverside Investment & Development, which will serve as the master developer for a phased mixed-use project that will involve the redevelopment of the 115,000-square-foot building that sits on the site. The first phase is expected to include 435,000 square feet of office space. Subsequent phases will incorporate multifamily residences, public space and, potentially, a hospitality offering.
Pending approvals, the first phase will likely feature a mid-rise office tower that will include outdoor spaces in the form of rooftop and other decks with green features. The development will also include an open market area and public green spaces. Plans for the project are ongoing.
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