On August 27, the massive old post office at 433 W Van Buren went up for auction and was sold for $40 million to an elderly man who refused to reveal his identity. However, he did promise Chicagoans that he would "re-energize the property as a focal point and destination for the entire city."
According to the Liverpool Daily Post, Davies is well known for initiating projects that never come to fruition, including a never-developed shopping complex in the city center of Liverpool and an unrealized plan involving—get this—a large old post office.
A construction plan that doesn't live up to its hype? Sounds like it's perfect for Chicago.
Part of the problem is that Davies is as fast with his money as he is slow with results. According to a 2007 Daily Post article:
"He loves owning property, and in fact when he has money rather than property he finds it much less exciting."
Mr. Davies, if you think your Chicago project will be any different from your past failed ones, then I have a bridge—and a Bean—to sell you.
Matt Bartosik is a "between blogs" blogger and a born-and-raised Chicagoan.