Old Post Office Needs A Future

Posted on September 30th, 2009 in All Articles, West Loop.

david Roders article in the Sun Times (below) explains the ambiguity of the Old Post Office’ future. Driving under it each day on 290 it’s become a part of our psyche. Add that to the fact that one of the best Bat Man scenes was filmed there makes it a special place… And to have wushu washy developers who have failed to deliver in Liverpool in first position on the building is not a warming thought.

Here is an excerpt of the sun Times article today….
Old post office deal now in question
BY DAVID ROEDER Staff Reporter
Old post office deal now in question

Wed, 30 Sep 2009 04:00
BY DAVID ROEDER Staff Reporter

The sale of the Old Chicago Main Post Office remained a muddled …
Bill Davies, a globe-trotting investor who pledged $40 million at the Aug. 27 auction for the vacant hulk that spans the Eisenhower Expy., did not close the sale despite having the available funds, said a person representing him. ….[what options might be next]…

Those options could include opening talks with the bidder who finished second at the auction with a last offer of $39.5 million. That bidder is Investor Immigration Funds Inc., a partnership represented by Chicago immigration lawyer Nathaniel Hsieh.

Davies lists his company as International Property Developers North America Inc. and has told real estate experts in Chicago that he has access to European investors. International Property Developers released its own statement, saying it “decided to postpone its acquisition” despite having $41.2 million available in escrow.

The sum includes the purchase price and a 3 percent premium due to the property’s auctioneer.

The company said it and the postal service “were unable to reach agreement on certain key issues” concerning the redevelopment.

Hsieh said his group intends to close the sale in 15 days if given the chance. He said he expects to be the ultimate purchaser of the 2.7-million-square-foot building.

“If they can’t close today, they’re not going to close in 10 days,” he said of the Davies bid. “We can get this done. Legally and economically, it just makes sense for the seller to to come to us.”

Hsieh said his group consists of mostly Chinese and Russian investors. “This is actually our very first venture,” he said.

The post office, 433 W. Van Buren, has been the subject of many plans over the years and is listed on the National Register of Historic Places.

Davies has not explained what he wants to do with the property and has avoided interviews. He has failed at a number of attempts to redevelop parts of Liverpool, England, his former hometown.

Hsieh said his team wants to take over plans previously developed for the post office. Crafted by Walton Street Capital, the plan called for razing part of the massive building and retrofitting the rest of it for a hotel, offices and condominiums.