THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

That call . . . was it you? 

Far too often, it takes nearly half a day for my cell phone voice mail messages to be delivered!  I hope I didn't miss your call!

Hey, you dogs!  Wanna buy a 3 Million Square Foot Warehouse Building?  Right in Downtown Chicago?  EZ Access to the Eisenhower Expressway - heck, the huge building even straddles the expressway?

The Old Chicago Post Office on West Van Buren Street closed down in 1996, moving to new facilities across Harrison Street in the West Loop Neighborhood of Chicago.

Mail sort floors, vaults, and offices sprawl across two city blocks here.  Structural beams are massive.  The ornate lobby off Van Buren Street, with murals depicting the history of U.S. Mail Delivery, is among the many unique building features that got the structure placed on the U.S. Register of Historic Places.

And this - all of this - could be yours for a starting bid of only $300,000!  (See David Roeder's story in Thursday's Chicago Sun-Times for more details).

But what would you do with such a large building, in a decidedly down Chicago Real Estate Market, where both financing and possible lessors or condo purchasers for such a project are lacking?

Most recently, the building's lobby was used in the bank robbery scene in the latest Batman movie, "The Dark Knight."  At one time, this Post Office was the largest in the world, with more raw floor space than the Sears Tower offers today.

The post office is scheduled to go up for bid, through large Chicago Real Estate Auction House Rick Levin & Associates, on August 27^th.  The auction will take place in the Chicago Northwest Suburb of Rosemont IL.  U.S. Postal Service officials say the service is committed to selling the property, regardless of price.

Potential buyers?  Few private developers have stepped up recently, as commercial, retail, or residential development in Downtown Chicago is particularly risky in the midst of a major recession, like we are now experiencing.

Until fairly recently, development firm Walton Street Capital developed plans to develop the Old Chicago Post Office into retail, hotel, and residential space.  They would shrink the building in size somewhat, removing some space over the Eisenhower Expressway.

The firm secured a $51 Million financial commitment from the City of Chicago, but they could not find financing for construction during the current economic downturn.  The Postal Service has cut ties with this developer.  They have said they will try to purchase the massive building at the auction.

One possible bidder - the City of Chicago!  Rick Levin, the head of the company handling the auction of the building, says he does not know of specific interest by the city.   However, it is not uncommon for municipalities to be interested in large development projects of this nature, especially those that require complex zoning and construction needs.

You know, I might be able to share the building with my Pup Reporter, Gracie Ella Moss, to set up my Lil' Buddy's Blog World Headquarters there.  But, man, it would sure cost a ton of bones just to heat the place.

Perhaps I should resist temptation and stay back on the bidding!  For now . . . keep my paws out of the ring, so to speak!

Please view my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO