Plans are in the works to redevelop the old Tribune Media printing site into a reimagined “River District”, with upwards of a dozen new buildings along the riverfront. The 37-acre site doesn’t have a developer just yet, but that’s not stopping Tribune from pushing ahead with plans to design thousands of new residences and millions of square feet of new construction along the Chicago River.
Recently unveiled plans also call for a street connecting Chicago and Grant avenues and extending the Downtown Riverwalk. If completed, it’s expected the new property could translate to around 19,000 jobs and generate more than a billion in property taxes over the next couple of decades.
The news comes shortly after the same company announced a four-tower development not far away from the printing site. Tribune leaders now hope to turn the existing site into a place where people can live, play and work all in one location, with several phases of construction beginning over the next few years.
Tribune still needs a development partner and the okay from City Hall. The company also needs to host a public hearing on the project for nearby neighbors.