Chicago post office's old building auctioned for $40 mn

CHICAGO: The city's old post office, a 14-storey, 77-year-old building, was today sold in an auction for $40 million, after the US Postal Service made several unsuccessful attempts to sell the property to cut costs.

The former Chicago Main Post Office building, once considered the largest postal facility in the world, was sold to development firm International Property Developers North America Inc at an auction conducted by city-based Rick Levin & Associates here.

The bidding started at the suggested minimum bid of $300,000.

While not divulging details of what it intends to do with the building, International Property Developers said it would make the building a "focal point" for area residents and visitors.

"We are not prepared at this time to discuss our redevelopment plans, but we are looking forward to working collaboratively with the mayor, the alderman and city staff to ensure the success of this project... we shall make no small plans," it said.

The winning bidders are required to put down 10 per cent of the bid price - $four million - in three days and close purchase by September 30.