Perhaps the third time's the charm for a redevelopment of the old main post office.
The British owner of the behemoth building straddling Congress Parkway has announced a deal to sell the property to New York-based investment group 601W Cos. for an undisclosed amount.
The deal, facilitated by global real estate brokerage Savills and its wholly owned North American subsidiary Savills Studley, could redevelop the vacant, 2.5 million-square-foot property into offices, residences, stores and possibly a hotel, according to Savills' consultant Richard Sykes, who represented British developer Bill Davies. Sykes said the deal, which includes an additional 7.5 million square feet in planning entitlements, is expected to close in 90 days.
That's if it actually happens. Since Davies, a self-made millionaire, bought the 12.6-acre site and building in 2009 for $24 million, he has announced two prior deals to redevelop it, first with Chicago-based Sterling Bay and then with a Middle Eastern buyer. Neither one panned out...Old main post office set to sell, again
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