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.
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