Old Chicago Main Post Office - Future

Future

On June 9, 2009, the Chicago Sun-Times reported that the postal service was placing the post office on the auction block. Held on August 27 and conducted by Rick Levin & Associates Inc., the auction raised $40 million, which was well over the opening bid of $300,000. The buyer was reported to be English real estate developer Bill Davies. While Davies missed an October 10, 2009 deadline to close the deal, he finally acquired the building on October 21, 2009, paying about $17 million.

Exactly nine months after acquiring the post office property from the Postal Service, Bill Davies unveiled his plan for the Post Office on July 21st, 2011. The proposal, which involved three other properties besides the 14-story Post Office, was broken down into three-phases pending the required $3.5 billion in funding:

• Phase 1: Converting the Post Office into a retail complex whose main entrance would be through the Beaux Arts-inspired lobby along Van Buren street, the remaining interior would become a parking garage, and the addition of a 40-story hotel on the east side of the building. (Approximate cost: $450 million)

• Phase 2: Building an addition 60-story hotel west of the Post Office and a 120-story, 2000 ft. office, hotel, and residential tower that would be the tallest in North America. (Approximate cost: $2 billion)

• Phase 3: Two residential towers built on the east side of the Chicago River diagonally southeast from the proposed 120-story skyscraper plus a 12,000 space parking garage. (Approximate cost: $1 billion)

The whole $3.5 billion dollar plan was submitted to the Chicago City Council and the Planning Commission for approval the same day it was released to the public. Only funding for Phase 1 has been secured as of July 21st, 2011.