Former Old Main Post Office Owner Dies One Day After Sale
Want to get a jump-start on upcoming deals? Meet the major players at one of our upcoming national events!
British developer Bill Davies died one day after selling the Old Main Post Office to The 601W Cos. He was 82. A spokesperson for Davies' firm, International Property Developers, said he suffered a stroke in Barbados in February, but returned to London in recent weeks to recuperate.
Born in Liverpool, Davies grew up in Merseyside, entered real estate at a young age, became a self-made millionaire and eventually bought several properties in his hometown. But the controversy that marked his ownership of the Old Main Post Office plagued him in Merseyside, as well. Many of Davies' hometown developments either stalled or fell into litigation, The Liverpool Echo reports.
Davies won the Old Main Post Office with a $24M bid in 2009, but was unable to redevelop the 2.5M SF property. Several deals to JV with local firms fell through and, with Davies as the common denominator in these failed attempts, Mayor Emanuel set a June 1 deadline for him to sell the building. The sale to 601W Cos was completed last Thursday. The firm will undertake a $500M redevelopment, including a three-acre rooftop park. [Echo]