Related Midwest likely will need a big office tenant to commit before construction will start on one or more of the skyscrapers envisioned on the site.
Zoning was approved by the City Council in December.
The Chicago Tribune moved out of the newspaper's 93-year home on Michigan Avenue in June, heading south of the river to Prudential Plaza.
Los Angeles-based CIM Group and Chicago's Golub & Co., which bought Tribune Tower in 2016, unveiled a dramatic plan in April to build a 1,422-foot-tall skyscraper just east of the site. The skyscraper would be part of a two-phase redevelopment that already has begun to convert the historic tower into 163 residential condominiums and retail space.
The thin skyscraper, designed by Adrian Smith + Gordon Gill Architecture, would have a 200-room hotel, 439 rental apartments and 125 condos. The tower would be just 29 feet lower than the city's tallest, Willis Tower.
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Ald. Brendan Reilly has yet to weigh in on the project's fate. The skyscraper, if approved by the city and built, would take a prominent place on Chicago's skyline -- and command attention near some of the city's top tourist destinations, including Navy Pier and Millennium Park.
More than a year ago, a group led by Farpoint Development and Draper and Kramer disclosed plans for up to 14 million square feet of residential and office buildings on land near McCormick Place that includes the 49-acre former Michael Reese Hospital site.
The group is working to finalize a development agreement with the city, and to move forward on a project that would fill a gap of unused space along Lake Shore Drive between the city's massive convention center and South Side neighborhoods.