New plans to convert Old Main Post Office into high-end office, retail site
BY FRANCINE KNOWLES Staff Reporter June 19, 2014 6:14PM
Exterior of the old main post office at Congress Parkway. | Richard A. Chapman~Sun-Times
New plans are underway to convert Chicago’s Old Main Post Office into a 2.7 million square-foot, high-end office and retail site.
Sterling Bay Cos. and Bill Davies’ International Property Developers North America are partnering on a $500 million, first-phase project that seeks to redevelop the site, the firms announced Thursday.
The developers did not return calls to discuss details on how the project will be financed.
The Post Office, at 433 W. Van Buren, has been empty since 1996. Davies, who owns the property and is chairman of International Property Developers, has previously brought forth plans to redevelop the site that never materialized.
Sterling Bay was a clear choice to launch the project and make it come to fruition, Davies contends.
“Sterling Bay has had great success transforming large underutilized properties into highly desirable office destinations,” he said in a statement.
“There are few, if any, properties today that can accommodate corporate users looking for large, open floor plates, and/or tech companies looking for creative, non-traditional work space,” said Sterling Bay Managing Principal Andy Gloor in a statement. “We feel we are in an excellent position to capitalize on this growing demand.”
A source early this year told the Sun-Times that Walgreen Co. had expressed interest to state officials in the site as a possible location if the company moves its headquarters from Deerfield.
But on Thursday Walgreen spokesman John Cohn said, “We are not engaged with developers on any new locations for our corporate headquarters.”