Old post office sold for $40 million

CHICAGO, Aug. 28 (UPI) -- The mammoth old Chicago post office has been sold at public auction for $40 million to a firm that is keeping the structure's future a secret, officials say.

International Property Developers North America Inc. says it plans to work collaboratively with Mayor Richard Daley and the city to redevelop the 77-year-old building that spans two city blocks and is suspended over the Eisenhower Expressway (Interstate 290), the Chicago Tribune reported Friday.

The old Chicago post office is so huge that developers have struggled for more than a decade to come up with a workable plan for its 2.5 million to 2.8 million square feet.

The 14-story building has been vacant since 1995 when the United States Postal Service moved to a new facility. Since then proposals have been floated to turn it into a casino, a water park or an auto mall.

Alderman Robert Fioretti, whose 2nd Ward includes the old post office, says he estimates it will cost at least $750 million to redevelop the site.