Tribune Media to redevelop home of Los Angeles Times

Tribune Media announced plans Thursday to redevelop Times Mirror Square, home of the Los Angeles Times, and a separate vacant printing plant in nearby Costa Mesa.

The Chicago-based media company is seeking partners for both California properties, including a mixed-use project for Times Mirror Square in downtown Los Angeles. The property sits on a multiacre site next to City Hall.

"The Times Mirror Square master plan promises to deliver a compelling urban project that includes the restoration of important buildings and the construction of complementary new buildings around a new metro rail station directly connected to four of the region's major rail lines," Murray McQueen, president of Tribune Real Estate, said in a statement. "We look forward to identifying the best development partner to help us achieve the immense potential of this site and bridge two of Downtown LA's most dynamic districts."

Tribune Media spun off its newspaper business in August and began trading last month on the New York Stock Exchange. As part of the spinoff, Tribune Media retained a real estate portfolio that includes 80 assets, 8 million square feet of space and 1,200 acres of land. The real estate portfolio brings in about $50 million annually in revenue, most of which comes from rent paid by Tribune Publishing newspapers, including the Chicago Tribune and Los Angeles Times.

The Los Angeles Times continues to occupy parts of Times Mirror Square.

Tribune Real Estate is also pursuing a partner to oversee development of the 21-acre site in Costa Mesa, which had served as printing plant and distribution facility for the Los Angeles Times. Features include a functional rail spur and a helicopter pad.

"The site has been a well-known part of the Costa Mesa landscape for over 40 years," McQueen said. "Costa Mesa is developing a strong identity as a cultural hub of Orange County and we are excited to be developing the site during this next chapter of civic vibrancy."

A brokerage house will be hired "in the near term" to assist Tribune Real Estate in finding development partners for the projects, the company said.

Tribune Real Estate unveiled broad plans last month to redevelop Tribune Tower in Chicago, potentially tripling the building's space with residential, retail and hotel components. The landmark 34-story neo-Gothic building on Michigan Avenue, which houses the Chicago Tribune and other tenants, has 737,000 square feet of space, but is zoned for up to 2.4 million square feet of space.

Tribune Media said its real estate holdings are valued at $650 million, but the company sees significant upside in optimizing the portfolio, with an estimated market value of $1 billion.

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Tribune Media to redevelop home of Los Angeles Times