Media Business Intends to Tempt Amazon with 9-Million-SF Mixed-Use Project On 37 Acres Along Chicago River’s North Branch
Street-level view rendering from Grand Opportunity of the River District project proposed by Tribune Media. Tribune Media Co. today submitted planned advancement and rezoning files focused on transforming its 37-acre printing plant industrial website along the North Branch of the Chicago River into an 18-building community and mall totaling 9 million square feet of workplace, hotel and shopping, along with 5,900 real estate units.
The master planned job is the next phase of Tribune Media’s effort to monetize its property portfolio. Last year, the media business offered its signature neo-Gothic Tribune Tower, home of the Chicago Tribune, in addition to Los Angeles Times Square and the Olympic Printing Plant in Los Angeles, for a combined overall of almost $700 million.
Tribune Media officials, in a presentation today to the Chicago Tribune and Crain’s, stated the project dubbed the River District at 777 W. Chicago Ave. could produce 19,000 jobs in a new neighborhood which the company specifies as “a landmark urban tech-centric area that will reflect how people wish to live and work.”
The project, bounded by Grand Opportunity, Chicago Opportunity, Halsted and the Chicago River, would extend Chicago’s downtown district and develop a natural connection in between The Loop, River North, Fulton Market and River West.
Tribune Media has actually currently sent the site to the city as a potential house for Amazon’s highly desired 2nd head office. Mayor Rahm Emanuel has moved aggressively and with particular confidence to tempt Amazon and its headquarters, which is being pursued by practically every large U.S. city.
“The River District plan leverages finest practices from Chicago and other significant cities and reflects how people wish to live and work today,” stated Murray McQueen, president of Tribune Real Estate Holdings. “Our objective is to create the same in-demand dynamic community seen in tech centers such as San Francisco and Seattle.”
The project could create about $1.1 billion in local tax advantage to the city over the next 20 years. The first stage of the redevelopment will happen on the southern end of the 777 W. Chicago website on 18 “shovel prepared” acres that might support 5.5 million square feet of business home start in 2020.
The 2nd stage redeveloping the staying 12 acres might be built out later on based upon market demand and support an additional 3.7 million square feet.