It’s not exactly a secret that the people at the helm of the smoldering remains of the Tribune empire are interested in a more structured future for the company’s Freedom Center out at 777 West Chicago Avenue. Just last year we published a rendering of the property completely redeveloped with shops, apartment blocks and office towers. But now that the Tribune Tower has been officially offloaded onto CIM Group, it’s worth remembering that the biggest deal of them all has yet to be executed.
Fortunately, the Chicago Tribune (now part of an entirely different company), reminded us of this just recently in an article noting that Tribune Media has been chatting with real estate developers about the riverfront site that could become the next Lakeshore East, or Riverline, making everyone involved barges full of money.
In something of a Baghdad Bob moment, a Tribune Media issued a denial of some very specific things that the Chicago Tribune article didn’t allege. Like that a decision had been made.
You may remember it was just last year that Tribune Media did make a decision on the property across the street from the Freedom Center. It teamed up with Riverside Investment & Development to redevelop that seven-acre site. Any plans arising from that partnership may face some challenges, as local industrial groups are starting to push back against the conversion of manufacturing districts into office and residential zones.