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CHICAGO (AP) — The owners of Chicago's Tribune Tower have unveiled plans to build a skyscraper next to the neo-Gothic building that would be the city's second tallest.

Chicago-based Golub & Co. and CIM Group of Los Angeles on Monday announced a plan to convert the home of the Chicago Tribune into residential condominiums and retail space. Next door to it they propose a 1,422-foot high-rise with 700 residences and 200 hotel rooms.

The Chicago Tribune will move from Tribune Tower in June. CIM Group and Golub purchased the building in 2016 for $240 million.

The first phase of the more than $1 billion project calls for 163 condominiums at Tribune Tower, to be occupied in 2020. Construction on the new tower is tentatively scheduled to start in 2019.

Developer Lee Golub says the appeal of the proposed development is its location along Michigan Avenue, making it at the "center of everything here."

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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