Chicago's 2nd-Tallest High-Rise Proposed Next To Tribune Tower

CHICAGO, IL — The Tribune Tower could be getting an update along with a new — and very tall — neighbor if a more than $1-billion dollar redevelopment proposal becomes a reality. The downtown project would transform the 93-year-old architectural landmark into luxury condos and retail space, and it would build Chicago's second-tallest skyscraper next to it.

This massive enterprise is being developed through a joint effort by Chicago's Golub & Company and CIM Group of Los Angeles, the firms that purchased Tribune Tower for $240 million in 2016. But before the proposal can radically redefine the downtown skyline, the 2 million-square-foot plan must get buy in from residents, Ald. Brendan Reilly (42nd Ward), city zoning and investors, according to Crain's Chicago Business.

Here's a look at some of the project's basics, which were outlined by representatives from Golub and CIMduring a public presentation Monday for a Streetville neighborhood group at the Sheraton Grand Chicago, Crain's reports:

New Skyscraper

• The new building would be 1,422-feet tall and go up on a parking lot east of Tribune Tower. At just 29 feet shorter than the Willis Tower, the high-rise would become the second-tallest skyscraper in the city, a distinction currently held by Trump Tower and International Hotel, which is 1,362 feet.
• Inside, the skyscraper would house 439 apartments, 125 condos and 200 hotel rooms.
• If approved, construction could begin in late 2019 or early 2020.

Revamped Tribune Tower

• The current home of tronc — the Chicago Tribune's parent company that is moving its offices to Prudential Plaza — will contain 163 upscale condos that could run from around $600 to $1,400 per square feet, according to Golub. These units would be in the main tower and the property's adjacent buildings.
• The building's lower floors will be turned into 47,500 square feet of retail space, with three parking levels added underneath the high-rise.
• If approved, the renovation project would take 20 months to complete and could start as early as August. At Monday's presentation, the developers said they were confident of securing the funding for this part of the proposal.

Besides the major hoops needed to be cleared to get the project off the ground, developers will need to navigate a relatively small — but potentially nettlesome — obstacle: What to do with the "Chicago Tribune" that's currently affixed to Tribune Tower's south facade.

More Patch Coverage:

• Deal Reached to Sell Tribune Tower For $240 Million
• Tribune Tower Sale Finalized; Does a New Owner Mean a New Name?
• Tribune Media to Move Out of Tribune Tower Next Year

Golub and CIM want the high-rise to retain its iconic sign, even if the newspaper will no longer be a tenant. But tronc, the Tribune's owner, believes the sign belongs to the company. The developers are now suing tronc in an effort to keep those 14 letters in Old English type on the tower, according to Crain's.

More via Crain's Chicago Business

The Tribune Tower (Photo by Scott Olson | Getty Images News | Getty Images)