Chicago Relocation
 

Old Post Office – A deal at $40mm

October 12, 2009

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Imagine a nice Chicago luxury condo but with a little traffic noise – One of the countries busiest highways runs not “near” it, not “by” it, but THROUGH it!  It may or may not happen.

 

The old Chicago Post office   site (built in 1932 and once the largest post office in the world) was recently sold to an anonymous buyer for a cool $40 million. The USPS was paying over $2.5 million annually in maintenance, so the old place needs a little bit of work.  The spokesperson did paraphrase the great Daniel Burnham in saying “Let me assure you that we shall make no small plans.”

 

Over 100 people attended the recent auction, where bidding started at a measly $300K.  By $17 million, there were only two bidders left.  Three quarters of an hour later, only one remained.

 

So what will land on (above?) Congress Expressway?  Chicago luxury condos, offices, a high end hotel?  Just don’t end up on the floor above Interstate 290