It’s about time.
If you’ve taken I-290 to or from the Loop, you’ve noticed the Old Main Post Office building that straddles the western end of Congress Parkway. Since the USPS moved out roughly 20 years ago, basically nothing has been done to maintain the building’s integrity. It’s an eyesore, to say the least. And considering how many thousands of people pass by each day, it’s an embarrassing one at that.
The situation has turned into a bit of a mess over these past years. Multiple developers have dangled unsupported proposals before our eyes, only to have them pulled out from under us before we even knew what was going on. Finally though, the latest developer, Bill Davies, has proposed a plan that looks like it may have some staying power.
Davie’s newest plan calls for a scaled-back version of previous designs, featuring a wide selection of small residential units anchored by large retail spaces on the lowest levels. The Olde Chicago Post Office, as it’s being called, aims to produce 1,500 apartments and add a new tower to the existing building.
The rental units are drawing a lot of attention for their unexpectedly small size. Studios begin at just 280 square feet. One-bedroom apartments are slightly bigger, at 350 square feet – and two-bedrooms are looking at 600 square feet to start. Given the location, prices are expected to be in the range of $4 per square foot, which means that renters would be looking at $1,100 in rent per month for the smallest unit.
Still, Davies is confident the units will sell despite the small size. The first wave of developments could begin as soon as March, with 300 residences being built in each phase. Obviously, the 2.7 million-square-foot post office will house a majority of the spaces, though the new 100-story skyscraper will assuredly take on a large chunk of change as well.
As for the commercial spaces, ideas ranging from a hotel, waterpark, auto mall, and even a casino have been discussed. Still, the likely occupant is expected to be a business along the lines of an Ikea. The incredibly large area for storage and retail floor space makes for an attractive option among those with a stock of larger items.
Businesses continue to flock to Chicago each year, and large-scale implementations like this only add to the city’s polished resume.