British developer Bill Davies will not go through with the $40 million purchase of Chicago's behemoth old post office, auctioneer Rick Levin said Saturday.Citing disagreements on 'certain key issues' it sounds as if Davies got cold feet. There are numerous directions the government can take from here (ie contacting the runner-up bidder or having another auction). Regardless, this attempt to unload the property for any price necessary looks to have hit a wall.
Davies won the right to buy the building on West Van Buren Street at an auction in late August. The deal was set to close Sept. 30.
Stay tuned on this one...
6 comments:
Glad to hear. I believe the runner-up was a group of Asian investors. This Davies guy has a track record of leaving projects unfinished or not getting them started.
Whoever ends up owing it - I hope they take advantage of changing that location to make it an ARCHWAY TO THE CITY (sort of like St.Louis' arch but not as big).
There are numerous directions the city can take from here (ie contacting the runner-up bidder or having another auction).
Except the city has nothing to do with it, the federal government owns the building.
Thanks for the catch T.
Sadly, this project would have been closed if 2016 happened. This is the first of many proposed big projects involving international deal-makers to go bust.
Looks like the sale of this property finally went through with the original auction winner . . . and a little last minute price negotiation.
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