As Tribune Tower, former home of the Chicago Tribune, moves forward with its redevelopment into condominiums, a settlement has been reached between Tronc (the newspaper’s parent company) and CIM Group and Golub & Co. (the real estate firms spearheading the tower’s redevelopment) about what to do with the iconic Chicago Tribune sign.
According to the Chicago Tribune, the sign will be removed at the end of this year as work at the site proceeds, and then reattached in early 2020 as the project nears its conclusion. The eight-foot-tall letters will be reattached slightly above where they are now and will be held up by posts along the south side of a new seventh-floor pool and outdoor deck area for residents. The large, white letters will provide shade for residents using the deck behind them.
CIM Group and Golub & Co. originally filed the suit after the Chicago Tribune told the developers they planned to remove the sign and wouldn’t sell it. The developers argued they had the right to buy the sign or any “roof installation” for $1 and keep it on the building due to a provision in a lease the Chicago Tribune signed five years ago. CIM and Golub argued they assumed the lease when they purchased the building from Tribune Media.
With a settlement reached, work on the project is set to move forward. The redevelopment project includes a 1,422-foot-tall skyscraper that, if approved, could begin construction in late 2019 and would become the second tallest building in Chicago.