By: Mark Fitzgerald The Donald Lands In the Windy City
CHICAGO -- Donald Trump is joining with Hollinger International Inc. to replace the Chicago Sun-Times' dowdy headquarters on the Chicago River with what the New York developer called a "fantastic" high-rise building.
Developers have long coveted the downtown riverfront Sun-Times site located just yards from North Michigan Avenue. But over the course of two decades and three newspaper owners, every rumored deal for the property fell through until the joint announcement Tuesday afternoon by Hollinger and The Trump Organization.
Donald Trump told the Sun-Times that the deal was a "50/50 partnership," but, in keeping with his style, the building was likely to be called "Trump Tower Chicago." Trump even suggested the high rise might challenge for the title of the world's tallest building, a distinction Chicago's Sears Towers lost several years ago to the Petronas Towers in Kuala Lampur, Malaysia.
Terms of the deal were not announced, although in its Saturday editions, the rival Chicago Tribune published a story by reporter Thomas A. Corfman suggesting the land and its 43-year-old building would be "acquired" by Trump for $77 million.
The Sun-Times, which had printed from presses in the basement, has opened a new production plant in a manufacturing district. Hollinger said Sun-Times offices may be housed in the new building or lease space in another downtown building.
Mark Fitzgerald (mfitzgerald@editorandpublisher.com) is editor at large for E&P.
Copyright 2001, Editor & Publisher.
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