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
Multifamily Housing | Oct 10, 2018
Affordable treasures
This year’s prestigious Gold Nugget Awards honor four projects that provide affordably priced housing for homeless families, seniors, and veterans.
Multifamily Housing | Oct 9, 2018
Breaking new ground: The New Home Company
The company, which is headquartered in Aliso Viejo, Calif. relies heavily on focus groups and market research to understand buyer preferences specific to each new community.
Multifamily Housing | Oct 9, 2018
Bjarke Ingels Group creates 66 homes for low-income citizens in Copenhagen
The building is approximately 73,000 sf.
Mixed-Use | Oct 4, 2018
Four-story hotel and adjacent affordable housing community opens in California’s Sonoma County
Axis/GFA Architecture and Design was the architect for the project.
Multifamily Housing | Sep 25, 2018
Fitness centers go for wellness
Equipment choice, room size, program offerings—a lot of thinking has to go into creating a fitness facility that pays off in resident satisfaction.
Multifamily Housing | Sep 24, 2018
Topsy-turvy: Creative use of air rights results in a model of urban luxury design
Using bold cantilevering and imaginative structural design, ODA and its project team created a 12-story building whose massing grows in width as it steps upward.
Multifamily Housing | Sep 21, 2018
A place of ‘voluntary and cheerful resort’
A project team soldiers on in the wake of a nightmarish turn of events.
Multifamily Housing | Sep 19, 2018
Multifamily market trends 2018: What the experts are saying
The growth of keyless entry solutions and demand for oversized units are among the trends and ideas shared at Marcus & Millichap’s 2018 Multifamily Forum in Chicago.
Multifamily Housing | Aug 29, 2018
Brighton Marine is the largest veterans’ development constructed in Boston since World War II
The Architectural Team designed the project.
Multifamily Housing | Aug 27, 2018
5 noteworthy multifamily projects: summer 2018 edition
The 5 buildings highlight MFDC's summer issue noteworthy projects section.
