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...
