You don’t need to take a Magic 8 Ball upside the head to know that the future is hazy for Tribune Tower. What will become of the landmark of Chicago landmarks is uncertain as its former media powerhouse owner turns over every last couch cushion looking for money.
For the last few years the local commercial real estate industry has been abuzz about the potential of the storied tower changing hands, and along with it development rights to a neighboring property. It’s that neighboring chunk of empty land that has developers salivating. Its premium location could sprout a premium skyscraper commanding premium prices for corner offices with premium views. That is, if they can stomach also redeveloping the old grey lady next door.
Crain’s Chicago Business reports that one of the leading ideas right now is to turn the property into residences and hotel space. Not surprising, considering its location and the state of the local real estate market. According to Crain’s, the frontrunners for redevelopment right now are CIM Group (Block37), Oxford Capital (The Felix, The Godfrey, Essex Inn), and Riverside Investment and Development (150 North Riverside).
Speculation is that the deal could top a quarter billion dollars.