Since spinning off its struggling publishing division, Tribune Media Company has gone to work monetizing its national real estate portfolio.

The Chicago-based corporation made one of its first moves in Los Angeles last month by filing plans to redevelop a parking lot near the Los Angeles Times Building as a mixed-use tower. The proposed development, which would sit atop Metro's future 2nd/Broadway Station, calls for the construction of a 30-story building featuring 107 condominiums, 534,000 square feet of commercial offices and approximately 7,200 square feet of ground-level retail space.

A rendering of the building portrays it as a stack of boxy, offset masses with cantilevered sections that create canopies and terrace decks. The tower's design take cues from nearby civic buildings such as the recently-completed Federal Courthouse and the Los Angeles Police Administration Building.

Sources indicate that global architecture firm Gensler is designing the tower.

The motif of offset rectangular volumes is also seen other recent Los Angeles buildings such as Holllywood's Icon, soon to be home to Netflix, as well as at a proposed high-rise development near Pershing Square.

While Tribune plans for its tower, another transformative development is being contemplated directly across the street. Onni Group, the Vancouver-based real estate firm that purchased Times Mirror Square from Tribune earlier this year, is expected to rehabilitate several of complex's historic buildings as creative offices. A 1970s building and parking garage, located on the Broadway side of the property, could be razed for a residential development.