Tribune Tower Converted to Condominiums?
You’re most likely familiar with the Tribune Tower – the distinctive Gothic-style building on Michigan Avenue that houses the Tribune newspaper offices and printing facility. Built in the early 1920s, the structure has long been an iconic symbol of great Chicago architecture (its design actually won out over 260 blueprints competing for the chance to be the Tribune’s new headquarters). The tower has had a good run serving its original purpose, but now the company CEO, billionaire real estate tycoon Sam Zell, is putting the famed building up for sale and talk of going condo is in the air.
The word on the street is that Zell wants to sell the tower and adjacent parking lot to a residential developer for conversion into condominiums. The estimated price tag for the property is around $250 million – remember, this is prime riverfront real estate with some serious history! And one can only guess what the individual condo units would go for, once the space is renovated and upgraded for residential accommodations. Just imagine a penthouse suite with flying buttresses and gargoyles perched outside your bedroom window… makes for a one-of-a-kind view, that’s for sure.
The fate of this 83-year-old commercial building is in the balance, but with the Tribune Co. execs keen on turning the place into big city condos, it’s only a matter of time before the Tribune Tower says goodbye to its longtime newspapering tenants and hello to a new group of residents.
Posted at 01:56PM Aug 21, 2008 by Spencer Mason in General Comments[1]
Posted by chiguy on August 22, 2008 at 03:03 AM CDT #