After 13 years of failed redevelopment efforts, the United States Postal Service is giving up and auctioning off its largest vacant property: the hulking 2.7-million-square-foot old central post office here.
The suggested opening bid for the auction is $300,000, which is less than an individual condominium goes for in many of the surrounding downtown buildings.
The building which is nine stories tall with 14-story corner towers, is several blocks southwest of the Loop, the downtown central business district. It was designed by Graham, Anderson, Probst & White in a Neoclassical/Art Deco style and built in phases from 1921 to 1932. (Graham, Anderson is the firm responsible for Chicago landmarks like the Wrigley Building, the Civic Opera House and Union Station.) The total cost was $22 million.
The major drawback from owning this property is maintaining the building, which — even in its current vacant state — costs about $2.5 million annually for utilities, maintenance and security.
The auction is to be held August 27th 2009
Source
Chicago Real Estate Auctions
You can find some real great investments by attending all of the great Chicago real estate auctions.
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