Chicago - Old downtown Chicago Post Office to be auctioned

On Aug. 27. 3,000,000 square feet. Sits above Congress Ave. and 14 stories high.

I've been wondering what they were going to do with that thing.

www.ricklevin.com

Magnificent building with huge potential. Great location. It's designed to handle huge number of trucks in all weather conditions, quick transfer of materials/stock/inventory, lots of office space and lots of large space which can be repurposed. It needs heavy investment to bring it up to date (communications and electrical infrastructure, more efficient means to move between the different floors).

In this market it will be very hard for the investors to get a suitable return, unless they have extremely deep pockets and a very long term view.

Magnificent building with huge potential. Great location.
I would have to agree, have always loved the building.

How long has it been empty? 10yrs? 15yrs?

How long has it been empty? 10yrs? 15yrs?

The replacement came online around 1996. The old place will be difficult to find an efficient use for. The footprint of each floor is huge so a large portion of the space does not have access to natural light. I have heard that for residential purposes the idea was to cut out the center core to make an atrium. The post office has been trying to give it away with no luck. Too expensive to refurbish and too expensive to take down, if that were even possible as it may be protected. The location made sense years ago when there was less traffic but is now very congested since it is at the hub of the major expressways.

half tongue in cheek, but...

...use it for the 2016 Olympics. Huge floor plates, build indoor running tracks, pools, etc... a different venue on each floor. They'll never do that, not sexy enough, but it would save a billion dollars over building new custom venues.

The footprint of each floor is huge so a large portion of the space does not have access to natural light. ....

World's largest casino!!!!

World's largest casino!!!!

Richie's been wanting himself one of those. perfect opportunity!

Richie's been wanting himself one of those. perfect opportunity!

They could easily add a pneumatic tube system to route the money direct to city hall, with a little shunt at the river to siphon off the skim.

The post office was sold at auction for $40 million.

The auctioneer is lighting 20USD Cohibas with 5USD bills.

Edit: Deal closed today


http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=35882