Tribune Media Mulls Tower Redevelopment
The landmark 737k SF Trib Tower could triple in a redevelopment including residential, retail and hotel components, according to the Chicago Tribune. The site is zoned for up to 2.4M SF of development, Tribune Media said at a New York investor presentation, and the firm hopes to turn it into a Michigan Avenue destination with new tenants like Dylan’s Candy Bar (whose lease is short-term, pending larger site plans). Tribune Media retained the Tribune Co’s real estate portfolio, which includes 8M SF (valued at $650M) bringing in $50M in annual revenue, in the spinoff earlier this year. Tribune Real Estate plans to optimize the portfolio (with an estimated market value of $1B) with redevelopment plays, president Murray McQueen said, like its announcement this fall of plans to redevelop its 700 W Chicago Ave site, formerly an insertion plant.