The Chicago skyline is recognizable, with buildings like Tribune Tower and Willis Tower (known until 2009 as Sears Tower) among the dominant structures that tower over the Windy City. If a team of developers' plans come to fruition, a 96-story skyscraper will join them as prominent buildings rising high above downtown.
Local developer Golub & Co. and Los Angeles-based CIM Group recently announced plans for the building just east of Tribune Tower, as well as a plan to adapt the existing tower -- which the joint venture purchased for $260 million in 2016 -- into luxury condominiums.
The new structure is slated to rise 1,422 feet above Chicago, making it the city's second-tallest building, just 29 feet shorter than Willis Tower. Plans call for it to consist of a 200-room luxury hotel, 439 apartments, 125 for-sale condominiums and 430 parking spaces. If the plans are approved, the Tribune Tower addition would be converted into 163 condominiums but remain largely intact. Other buildings in the Tribune complex, however, would see major changes as part of the plan, including a four-story addition on top of the building that used to house WGN's TV operations and an interior courtyard between buildings.
The plans still face a lengthy approval process, which includes needing a zoning change from the city, but the developers are targeting a late 2019 or early 2020 groundbreaking for the new tower -- pending government approval and getting financing in place. Once construction begins, it is expected to take about three years to complete with a price tag in excess of $1 billion.
The Tribune Tower conversion is already underway, with demolition taking place on a number of floors, with that project likely ramping up this summer with a timeline of new residents being able to call the remodeled landmark home beginning in 2020, if the project hits the developers' goals.
DataBid first reported on this project in September of 2016. The full presentation the developers made in April 2018 can be found here.
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