It’s official—Lovett Commercial has completed the purchase of the Downtown post office. The site at 401 Franklin has been on and off the market since 2009, trying to find someone to redevelop it. It’s a 500k SF office building and two-story industrial building on 16 acres, the largest single development tract in the CBD. Lovett’s not giving specifics yet, but VP Burdette Huffman (pictured) says it’s creating a “very special mixed-use development that leverages the Bayou, the theater district and the significant scale of the property.” Lovett and its leader, Frank Liu, have done some award-winning redevelopments in and around Downtown, including Capitol Oaks, the EaDo townhome project that was named a ULI Development of Distinction in 2011. ULI executive director Ann Taylor says the post office is one of the most important land tracts in the city.