By John Dempsey, WLS-AM News
(CHICAGO) Mayor Rahm Emanuel says a deal is finally in the works to redevelop Chicago’s long-vacant old main post office, which straddles Congress Parkway.
Emanuel says New York based 601W Companies LLC has finalized its purchase of the building, and is moving forward with a $500 million redevelopment plan.
The Mayor is hoping the project is finished by 2018. The deal means the city is backing off a threat it made to use eminent domain to seize the building, if there was not a development plan in place by June first.
A news release from Emanuel’s office says the project will create thousands of jobs and rehabilitate the longtime vacant structure in the West Loop.
The release says the plan will comprehensively rehabilitate the building as offices, primarily targeting commercial users attracted to the building’s 18-foot ceilings and 250,000-square-foot open floor spaces.
Emanuel also says the building’s riverfront space will include a landscaped and renovated Riverwalk as a new public amenity, as well as a plaza for outdoor dining and leisure.
@ 2016 WLS-AM News
