Sterling Bay Companies Announces Partnership with IPDNA to Redevelop Chicago’s Historic Old Post Office
- Jun 25, 2014
Sterling Bay Companies has recently announced a strategic partnership with International Property Developers North America 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,” says Andy Gloor, managing principal at Sterling Bay Companies.
The rezoning plans for the site were approved last July by the Chicago Plan Commission and the City Council. Sterling Bay and IPDNA will now embark on an approximately $500 million dollar first phase renovation project which will convert the vacant historic structure into a high-end, mixed-use development.
“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,” says IPDNA Chairman Bill Davies.
Upon completion of the first phase, the Old Post Office will feature over 2.7 million square feet of office space and retail amenities. Later phases could include further retail, hotel, residential and leisure accommodation.
“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,” says Gloor.
In the last several years, Sterling Bay has undertaken numerous projects in the Near West Side, including the redevelopment of 111 North Canal, 400 South Jefferson and 1000 West Fulton.
Photo Courtesy of: www.ipdamerica.com