Old Post Office To Be Auctioned Off…Maybe for the Price of a Condo

June 10, 2009

Commercial

The Old Post Office was used extensively in the last Batman movie

The Old Post Office was used extensively in the last Batman movie

The Postal Service has decided to auction off the site of the old post office at 433 W Van Buren. Built in 1932, this building straddles the Eisenhower Expressway and is on the National Register of Historic Places. It was the largest postal facility in the US, but was vacated in 1995 when the USPS moved this facility to a nearby location on Harrison St. This structure is 14 stories tall and over 2.5 million square feet.

Since 1999, The USPS has attempted to sell the old post office to Walton St. Partners. Walton St. has developed a $300 million plan for the building which would include a hotel, office space, condominiums, and a park. They have spend a great deal of time to obtain plans, rezoning, public subsidy, and financing. Due to the current market, financing this endeavor has been a challenge. The USPS has a budget deficit and is paying several million each year to maintain this empty building. They are no longer willing to wait for Walton St. to finalize their plans.

2.5 Million Sq. Ft. in Downtown Chicago for the Price of a Condo?

When a property is unique and difficult to price, an auction is often the best way to receive the best price in the shortest amount of time. The Postal Service has hired Rick Levin & Associates to conduct an open auction for this site on August 27. The suggested opening bid is $300,000 and the building must be sold.

We’d like to thank FHKE for sharing today’s photo via the Creative Commons License.

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About Katie Mischka

Katie Mischka is a respected and experienced broker with Koenig & Strey GMAC. A Chicago native, Katie has a wealth of knowledge about Chicago's neighborhoods and their history. Katie works with buyers and sellers and has experience selling condos, single family homes, townhomes, land, luxury homes, short sales, and relocation. She has been quoted in Crain's Chicago Business and Chicago Agent Magazine. Katie loves selling real estate and her clients are her priority! For more information, visit Katie's website: (katiemischka.com), email her (kmischka@ksgmac.com) or follow her on Twitter (@katiechicago).

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  1. Old Post Office Auction Coming Soon | The Chicago 77 - August 6, 2009

    […] after 13 years of failed re-development efforts, the US Postal Service is auctioning off what was once described as the world?s largest Post Office with a suggested opening bid a measly […]