Chicago Plan Commission signs off on $2.5b North Branch redevelopment project

The Chicago Plan Commission gave approval for the $2.5 billion redevelopment of a 30-acre parcel in the city’s River District, the Chicago Sun-Times reported. The real estate arm of the Tribune Media Company won preliminary approval.

The development project could eventually add 14 mixed-use buildings and 7,400 more residents to the previously protected industrial land. New construction would total 9 million square feet.

The first phase of construction, four residential buildings, is expected to start in early 2020 and be completed by the third quarter of 2021.

The site area makes up the bulk of the Tribune’s proposed $2.5 billion “River District” mega-development, which the city submitted last year as a contender for Amazon’s second North American headquarters, according to The Real Deal. The Tribune also is partnering with Riverside Investment & Development to continue the project on seven acres north of Chicago Avenue. The commission approved that plan separately earlier this year.