Prospects for a deal involving the undeveloped Cityfront Center land adjacent to the Chicago River east of Michigan Avenue increased Friday as a Chicago investor filed a notice of his interest in the property.
Fred Eychaner, a television and printing entrepreneur, filed a notice with the Securities and Exchange Commission that he is looking at a “possible business combination” with Chicago Dock & Canal Trust, whose main asset is about 14 acres of Cityfront Center land.
Eychaner is chief executive officer and controlling shareholder in Newsweb Corp., which prints community newspapers at its Chicago plant and owns WPWR-TV (Channel 50) in Chicago and KTVD in Denver.
Ecyhaner owns 9.22 percent of the stock in Chicago Dock, a real estate investment trust, and has been increasing his stake recently. Chicago Dock has signed an agreement to provide confidential information on its operations to Newsweb, which Eychaner founded in 1971.
Spurred by stockholders who have been displeased with the trust’s pace in developing Cityfront Center, Chicago Dock several months ago hired investment banker Lehman Brothers to help look for merger partners or buyers.
Analyst Murray Stahl with Contrarian Research in New York said he expected other potential buyers will emerge.