Five years after buying the empty Old Main Post Office, British developer Bill Davies has formed a joint venture with Sterling Bay Cos. in an effort to kick-start a $500 million redevelopment of the hulking West Loop structure.
The Chicago-based developer said it is teaming up on the project with Mr. Davies, who will contribute the building as his investment in the joint venture. An office and retail redevelopment of the 2.7-million-square-foot structure is likely to cost about $500 million, said Sterling Bay Managing Principal Andy Gloor, who did not disclose financial terms. A spokeswoman for Mr. Davies declined to comment.
(link below)
http://www.chicagobusiness.com/realestate/20140618/CRED03/140619788/old-main-post-office-revamp-gets-a-boost#
Saturday, June 21, 2014
CHICAGO'S OLD MAIN POST OFFICE TO GET 500 MILLION DOLLAR REVAMP
Five years after buying the empty Old Main Post Office, British developer Bill Davies has formed a joint venture with Sterling Bay Cos. in an effort to kick-start a $500 million redevelopment of the hulking West Loop structure.
The Chicago-based developer said it is teaming up on the project with Mr. Davies, who will contribute the building as his investment in the joint venture. An office and retail redevelopment of the 2.7-million-square-foot structure is likely to cost about $500 million, said Sterling Bay Managing Principal Andy Gloor, who did not disclose financial terms. A spokeswoman for Mr. Davies declined to comment.
(link below)
http://www.chicagobusiness.com/realestate/20140618/CRED03/140619788/old-main-post-office-revamp-gets-a-boost#
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