Chicago's iconic skyline may be changing once again, as developers have unveiled new plans to redevelop the historic Tribune Tower.
The property was purchased in 2016, and Chicago-based Golub and the CIM group from Los Angeles revealed Monday what they have in mind: plans to build the second-tallest skyscraper in the city where a parking lot currently sits.
The group's plans would be a major change to one of the most popular areas of downtown Chicago, along Michigan Avenue and north of the Chicago River, bringing a new look to the city's skyline.
The $1 billion project included the conversion of the current tower to condominiums, which would be occupied beginning in 2020.
Construction on the new tower, which would claim the title of Chicago's second-tallest building at over 1400 feet tall, would begin in 2019. In total, the plan would add 700 residences and a 200-room hotel.
The developers will next seek rezoning approval to move the project forward. Either way, the Chicago Tribune is off the premises in June, moving to the Prudential building.
