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According to Chicago Business:
Tribune Media Co. wants to redevelop a seven-acre property near the Chicago River, a bid by the company to wring revenue from its real estate holdings.
Chicago-based Tribune Media said in a statement today that it plans to seek a partner to redevelop 700 W. Chicago Ave., a site that includes a vacant, 115,000-square-foot industrial building.
The firm will issue a request for proposals for a development partner and hire a brokerage to advise it on the project.
“This is a fabulous opportunity to redevelop an underutilized piece of land with excellent river frontage at the junction of River North and the West Loop,” Murray McQueen, president of Tribune Real Estate Holdings LLC, a unit of Tribune Media, said in the statement.
Information about the timeframe for the project and other details couldn’t immediately be determined. A spokeswoman for Tribune Media declined to comment beyond the statement.
Earlier this year, Crain’s reported that Tribune Co., the predecessor firm to Tribune Media, was mulling a sale or lease of the property at 700 W. Chicago.
The site is part of the Freedom Center printing and distribution campus and just west of the river and the former Montgomery Ward & Co. headquarters, a building now home to Groupon Inc. and other companies.
Last year, Tribune Media’s previous company also met with elected officials to discuss its holdings in the area.
Tribune Media operates television stations and controls Tribune Co.’s real estate assets.
Tribune Publishing Co., a spinoff, publishes newspapers including the Chicago Tribune and Los Angeles Times.