April 14, 2016
The contentious battle between the city of Chicago and owner/developer Bill Davies over the fate of the city’s abandoned main post office building is at a truce – for now. The conditions of the truce are that the deal between Davies’ International Property Developers North America and potential buyer 601W Cos. be completed by June 1.
The city has set additional terms for the 2.5-million-square-foot abandoned building at 433 W. Van Buren, including the submission of a formal redevelopment plan, complete with budgets, economic disclosures, financing arrangements, site plans and a timeline. If the deadline is not met, the city has indicated it will seek proposals to redevelop the property, while working to acquire it.
According to Davies’ representative Richard Sykes, a consultant with real estate brokerage Savills, there is high confidence the sale will occur.