As Tribune Tower, former home of the Chicago Tribune, moves forward with its redevelopment into condominiums, a settlement has been reached between Tronc (the newspaper’s parent company) and CIM Group and Golub & Co. (the real estate firms spearheading the tower’s redevelopment) about what to do with the iconic Chicago Tribune sign.
According to the Chicago Tribune, the sign will be removed at the end of this year as work at the site proceeds, and then reattached in early 2020 as the project nears its conclusion. The eight-foot-tall letters will be reattached slightly above where they are now and will be held up by posts along the south side of a new seventh-floor pool and outdoor deck area for residents. The large, white letters will provide shade for residents using the deck behind them.
CIM Group and Golub & Co. originally filed the suit after the Chicago Tribune told the developers they planned to remove the sign and wouldn’t sell it. The developers argued they had the right to buy the sign or any “roof installation” for $1 and keep it on the building due to a provision in a lease the Chicago Tribune signed five years ago. CIM and Golub argued they assumed the lease when they purchased the building from Tribune Media.
With a settlement reached, work on the project is set to move forward. The redevelopment project includes a 1,422-foot-tall skyscraper that, if approved, could begin construction in late 2019 and would become the second tallest building in Chicago.
Related Stories
Adaptive Reuse | Aug 14, 2024
Adaptive reuse revives a former warehouse in St. Louis
The Victor, as the building is now called, has nearly 400 residential apartments.
MFPRO+ News | Aug 14, 2024
Report outlines how Atlanta can collaborate with private sector to spur more housing construction
A report by an Urban Land Institute’s Advisory Services panel, commissioned by the city’s housing authority, Atlanta Housing (AH), offered ways the city could collaborate with developers to spur more housing construction.
MFPRO+ Research | Aug 9, 2024
Apartment completions to surpass 500,000 for first time ever
While the U.S. continues to maintain a steady pace of delivering new apartments, this year will be one for the record books.
MFPRO+ Research | Aug 6, 2024
Matrix multifamily report for July shows ‘hopeful signs’
The multifamily market is showing strength in many ways, according to the July 2024 Matrix Multifamily National Report by Yardi Matrix.
MFPRO+ News | Aug 1, 2024
Canada tries massive incentive program to spur new multifamily housing construction
Canada has taken the unprecedented step of offering billions in infrastructure funds to communities in return for eliminating single-family housing zoning.
Student Housing | Jul 31, 2024
The University of Michigan addresses a decades-long student housing shortage with a new housing-dining facility
The University of Michigan has faced a decades-long shortage of on-campus student housing. In a couple of years, the situation should significantly improve with the addition of a new residential community on Central Campus in Ann Arbor, Mich. The University of Michigan has engaged American Campus Communities in a public-private partnership to lead the development of the environmentally sustainable living-learning student community.
MFPRO+ New Projects | Jul 31, 2024
Shipping containers converted into attractive, affordable multifamily housing in L.A.
In the Watts neighborhood in Los Angeles, a new affordable multifamily housing project using shipping containers resulted in 24 micro-units for formerly unhoused residents. The containers were acquired from a nearby port and converted into housing units at a factory.
Smart Buildings | Jul 25, 2024
A Swiss startup devises an intelligent photovoltaic façade that tracks and moves with the sun
Zurich Soft Robotics says Solskin can reduce building energy consumption by up to 80% while producing up to 40% more electricity than comparable façade systems.
Great Solutions | Jul 23, 2024
41 Great Solutions for architects, engineers, and contractors
AI ChatBots, ambient computing, floating MRIs, low-carbon cement, sunshine on demand, next-generation top-down construction. These and 35 other innovations make up our 2024 Great Solutions Report, which highlights fresh ideas and innovations from leading architecture, engineering, and construction firms.
MFPRO+ News | Jul 22, 2024
Miami luxury condominium tower will have more than 50,000 sf of amenities
Continuum Club & Residences, a new 32-story luxury condominium tower in the coveted North Bay Village of Miami will feature more than 50,000 sf of indoor and outdoor amenities. The program includes a waterfront restaurant, dining terraces with resident privileges, and a private dining room outdoor pavilion.
