I had dreams of buying the main Chicago Post Office that went up for auction today! But of course it was just a fun dream -- with a suggested opening bid of only $300,000 (actual opening bid was $1 million) it sure did seem doable. The winner today got a bargain for this 3 million square foot beautiful mammoth building. They got it for only $13.33 a square foot! Hey Dean, was it you? LOL
Now the question is, will it become a retail destination? Condos? An urban amusement park? If you have any fun ideas as to what you would turn such a property into, share them here! Let's have fun with this! Here's the story of today's sale:
Chicago's Main Post Office Sells for $40 million at Auction
(Crain’s) — A bidder agreed at an auction Thursday to pay $40 million for the Old Main Post Office.
The Old Main Post Office. The winning bid came from a man and woman who did not speak to reporters. A U.S. Postal Service spokesman identified them only as principals with International Property Developers North America Inc. The spokesman would describe the company only as a global development firm and would not say where it is based.
He said the winning bidders were foreign. They signed a contract and paid $250,000 in earnest money, the spokesman said.
He read a statement from the winners in which they said they plan to “re-energize” the building.
The auction took about a half hour, with bidding starting at $300,000, the suggested opening offer.
The bidding narrowed to two prospective buyers at about $15 million.
The winners are to close on the purchase by Sept. 30.
The roughly 3-million-square-foot building at 433 W. Van Buren St., which straddles the Congress Parkway, has been vacant for more than a decade. The building was once the world’s biggest post office, but has been vacant since the mid-’90s when the Postal Service moved to its current facility nearby.
Chicago-based Rick Levin & Associates Inc. conducted the sale. Rick Levin said more than a dozen bidders registered.
The U.S. Postal Service said in June that it planned to auction the building, after a deal to sell the building to Chicago-based Walton Street Capital LLC fell apart. Walton Street first put the building under contract
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