CHICAGO-Bill Davies, the developer of the Old Main Post Office project in downtown Chicago, has unveiled a new smaller vision for the redevelopment project.
Back in 2011, Davies proposed a $3.5-billion project for the property surrounding the Old Main Post Office that was to include a 120-story residential tower, office space and a hotel that would have spanned across the Chicago River. Earlier this week, he unveiled his new plans at a community meeting that are smaller than his original proposal, but still call for significant development—6,400 residential units, more than 2 million square feet of office space, 800,000 square feet of retail space and 1,240 hotel rooms, according to Crain's Chicago Business.
Phase one of the plan, estimated to cost between $1.2 billion to $1.5 billion, would include a low-rise building with retail space and a 1,000-foot tower with residential units, office space and a hotel.
Joseph Antunovich, president of Chicago-based Antunovich Associates and architect on the project, said at the community meeting, “What we tried to do was make something that was phaseable and feasible, and something that people could get their heads around,” See story in Chicago Real Estate Daily.
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