Former Chicago Post Office to be Sold

"The U.S. Postal Service postal service announced Tuesday that, after more than a decade of trying to sell the 3-million-square-foot former Chicago facility through conventional channels, it has decided to auction it to the highest bidder.

While the suggested opening bid for the facility that spans the Eisenhower Expressway is $300,000, there is no minimum bid, and the facility could sell for less said postal service spokesman Mark Reynolds.

Two years ago, the city gave initial approval to a $300 million plan, including $62 million in local and federal incentives, from investment firm Walton Street Capital to develop the complex into condos, offices and a hotel. However, the Postal Service was unable to finalize a deal with Walton Street, Reynolds said."