Old Chicago Main Post Office Redevelopment
Encyclopedia
The Old Chicago Main Post Office Redevelopment is a proposed 20-acre project on a lot located along the Chicago River
on the southwest side of Downtown Chicago, Illinois
to be constructed in phases over a period of one decade that will include the renovation of Chicago's historic Old Main Post Office building as well as residential, retail, entertainment and office space. The plan will include several towers, the tallest one being a proposed 120 story mixed use twin tower skyscraper that will stand at about 2000 feet (609.6 m) high to the roof, which would make it the tallest building in the United States, over 500 feet (152.4 m) taller than the Willis Tower, and will contain office, residential, and hotel space. It will also include two 60 story residential towers as well as a 40 story hotel. All the buildings in the development will be connected via a ground level complex that would be built over the Chicago River and the Eisenhower Expressway. The proposal was sent to Chicago City Commission in July, 2011 for approval, which was expected to be a several month process. The project is said to have an estimated cost of $3.5 billion and the potential to create 12,000 jobs. Some critics oppose the proposal in its current state, calling it old-fashioned and suburban, as it is largely car oriented (12,000 parking spaces and free parking) with shopping mall style retail, and an unrealistic pipe dream.If it is complete it is to surpass the One World Trade Center and the Willis Tower.
reported that the postal service was placing the post office on the auction block. Held on August 27 and conducted by Rick Levin & Associates Inc., the auction raised $40 million, which was well over the opening bid of $300,000. The buyer was reported to be English real estate developer Bill Davies. While Davies missed an October 10, 2009 deadline to close the deal, he finally acquired the building on October 21, 2009, paying about $17 million.
Exactly nine months after acquiring the post office property from the Postal Service, Bill Davies unveiled his plan for the Post Office on July 21st, 2011. The proposal, which involved three other properties besides the 14-story Post Office, was broken down into three-phases pending the required $3.5 billion in funding:
• Phase 1: Converting the Post Office into a retail complex whose main entrance would be through the Beaux Arts-inspired lobby along Van Buren street, the remaining interior would become a parking garage, and a 40-story hotel on the east side of the building. (Approximate cost: $450 million)
• Phase 2: Building a 60-story hotel west of the Post Office and a 120-story, 2000 ft. office, hotel, and residential tower that would be the tallest in North America. (Approximate cost: $2 billion)
• Phase 3: Two residential towers built on the east side of the Chicago River diagonally southeast from the proposed 120-story skyscraper plus a 12,000 space parking garage. (Approximate cost: $1 billion)
The whole $3.5 billion dollar plan was submitted to the Chicago City Council and the Planning Commission for approval the same day it was released to the public. Only funding for Phase 1 has been secured as of July 21st, 2011.
Chicago River
The Chicago River is a system of rivers and canals with a combined length of that runs through the city of the same name, including its center . Though not especially long, the river is notable for being the reason why Chicago became an important location, as the link between the Great Lakes and...
on the southwest side of Downtown Chicago, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
to be constructed in phases over a period of one decade that will include the renovation of Chicago's historic Old Main Post Office building as well as residential, retail, entertainment and office space. The plan will include several towers, the tallest one being a proposed 120 story mixed use twin tower skyscraper that will stand at about 2000 feet (609.6 m) high to the roof, which would make it the tallest building in the United States, over 500 feet (152.4 m) taller than the Willis Tower, and will contain office, residential, and hotel space. It will also include two 60 story residential towers as well as a 40 story hotel. All the buildings in the development will be connected via a ground level complex that would be built over the Chicago River and the Eisenhower Expressway. The proposal was sent to Chicago City Commission in July, 2011 for approval, which was expected to be a several month process. The project is said to have an estimated cost of $3.5 billion and the potential to create 12,000 jobs. Some critics oppose the proposal in its current state, calling it old-fashioned and suburban, as it is largely car oriented (12,000 parking spaces and free parking) with shopping mall style retail, and an unrealistic pipe dream.If it is complete it is to surpass the One World Trade Center and the Willis Tower.
History
On June 9, 2009, the Chicago Sun-TimesChicago Sun-Times
The Chicago Sun-Times is an American daily newspaper published in Chicago, Illinois. It is the flagship paper of the Sun-Times Media Group.-History:The Chicago Sun-Times is the oldest continuously published daily newspaper in the city...
reported that the postal service was placing the post office on the auction block. Held on August 27 and conducted by Rick Levin & Associates Inc., the auction raised $40 million, which was well over the opening bid of $300,000. The buyer was reported to be English real estate developer Bill Davies. While Davies missed an October 10, 2009 deadline to close the deal, he finally acquired the building on October 21, 2009, paying about $17 million.
Exactly nine months after acquiring the post office property from the Postal Service, Bill Davies unveiled his plan for the Post Office on July 21st, 2011. The proposal, which involved three other properties besides the 14-story Post Office, was broken down into three-phases pending the required $3.5 billion in funding:
• Phase 1: Converting the Post Office into a retail complex whose main entrance would be through the Beaux Arts-inspired lobby along Van Buren street, the remaining interior would become a parking garage, and a 40-story hotel on the east side of the building. (Approximate cost: $450 million)
• Phase 2: Building a 60-story hotel west of the Post Office and a 120-story, 2000 ft. office, hotel, and residential tower that would be the tallest in North America. (Approximate cost: $2 billion)
• Phase 3: Two residential towers built on the east side of the Chicago River diagonally southeast from the proposed 120-story skyscraper plus a 12,000 space parking garage. (Approximate cost: $1 billion)
The whole $3.5 billion dollar plan was submitted to the Chicago City Council and the Planning Commission for approval the same day it was released to the public. Only funding for Phase 1 has been secured as of July 21st, 2011.