Following last July’s unanimous approval of the rezoning plans by the Chicago Plan Commission and the City Council, Sterling Bay Companies and International Property Developers North America (IPDNA) today announced the formation of a strategic partnership that will leverage the Chicago–based real estate investment and development company’s expertise to redevelop Chicago’s historic Old Post Office.
“We are very excited to partner with IPDNA and serve as the development partner on such a high profile project,” said Sterling Bay Companies’ Managing Principal Andy Gloor.
According to IPDNA Chairman Bill Davies, Sterling Bay was a clear choice to launch the project and make it come to fruition. “Sterling Bay has had great success transforming large, underutilized properties into highly desirable office destinations. The firm has played a significant role in transforming Chicago’s West Loop, and we feel that their knowledge of the city and current market trends will lead us to initiate the first phase of one of the most notable projects in Chicago in the last 50 years.”
Sterling Bay and IPDNA will embark on an approximately $500 million dollar first phase renovation project to convert the vacant historic structure into a high-end, mixed-use development. When complete, the Old Post Office will boast more than 2.7 million square feet of office space and retail amenities. Later phases will be brought forward in respect of the new, and radically modern, approved river fronting development including further retail, hotel, residential and leisure accommodation.
Said Gloor, “There are very few, if any, properties today that can accommodate corporate users looking for large, open floor plates, and/or tech companies looking for creative, non-traditional work space. We feel we are in an excellent position to capitalize on this growing demand.”
