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The joker's up on the $40Million high bidder for Chicago's Old Post Office as he lost his multi-million dollar deposit @ the scene of the Dark Night mob bank heist. Will Chicago's West Loop's gateway become a glamour queen or a white elephant?
Chicago's Old Post Office White Elephant?
suntimes.com - 6 weeks ago - 228 views
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People: Bill Davies | Bruce Miller | DAVID ROEDER | Jose Cuervo | Mark Reynolds | Molly Sullivan | Nathaniel Hsieh
Organizations: Chicago Post Office | Executives' Club of Chicago | Metropolitan Club | Post Office | U.S. Postal Service | United Center
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The gist:
-Post office holds auction for Old Post Office
-British dude wins it at $40 million
-Team of Russian an Chinese investors finished second at $39.5 million
-British dude pays his $4 million
-British dude fails to come through with the rest
-Post office has a meeting to decide what to do
-Post office decides to invite bidders to send in new offers
-Russian/Chinese investors flip out, thinking they should be given exclusive rights to the building
-Russian/Chinese say they're only offering $10 million now
-Post office is kind of screwed.
That's a fairly massive heating bill. Who in their right mind would take on that burden?
Well, it looks like they have about a year and a half's worth of heating money in the budget now with the default. Too bad they still have that property on the ledger. I think it's going to land up getting torn down, which is kind of a shame. I remember riding through it on the way downtown when I was a little kid. Kudos to Lana4d for the great summary.
Best bet for the Old Post Office building is to lever its strategic transportation location adjacent to the Chicago River, Interstate 290 & passenger rail service.
Join me in developing Olympic-caliber ideas.
Some of my favorites include: marina; luxury hotel; high-speed rail terminus; upscale retail shopping; heli-port & gaming casino.
Developers continue to do the financials & may proceed with a reduced price tag.
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