Tribune Media to Start Construction of 8 MSF River District in Chicago
CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co. (NYSE: TRCO), has received approval from the City of Chicago to begin an 8 million-square-foot mixed-use development at 700 and 777 W. Chicago Ave. The approval was the last step before construction could begin.
The development — named The River District — will include 4,100 residential units and 2,000 feet of riverfront pedestrian walkways upon completion. Phase I of development will include 1,250 to 1,500 residential units, a 1.8-acre public park and 560 feet of pedestrian walkways along the river.
The remaining phases will be built out based on market demand. The property supports an additional 7 million square feet of development. Chicago-based architectural firm Solomon Cordwell Buenz designed the master plan for the property.
“The River District will be a dynamic new neighborhood that will transform the face of the North Branch and serve as a natural extension of Chicago’s downtown, connecting neighborhoods and people,” says Murray McQueen, president of Tribune Real Estate Holdings.“With today’s approval, we can take the next steps to build an in-demand neighborhood that will help the city continue to attract and retain new jobs and talent.”
A timeline for development has yet to be announced. TRCO stock closed at $38.01 per share on Wednesday, Oct. 31, down from $39.88 one year ago.
— Katie Sloan