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Old 02-08-2012, 11:04 AM   #4097
classicman
barely disguised asshole, keeper of all that is holy.
 
Join Date: Nov 2007
Posts: 23,401
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It loses more than $6 million annually and became a target of federal officials looking to sell or lease underused government buildings.
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Trump prevailed with a plan to team up with California private equity company Colony Capital to invest $200 million in acquiring the building and turning it into a luxury hotel ...
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The government attempted to redevelop the Old Post Office in the 1980s, which led to the addition of a rear annex, but that space has long been empty and in disrepair, with broken tiles, exposed beams and unfinished storefronts.
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“Deciding to move forward with redeveloping this iconic property potentially will save millions in taxpayer dollars,” said Robert Peck, commissioner of the GSA’s Public Buildings Service, in a news release. “The tremendous response from the private sector allowed us to select a proposal that will
provide a positive economic return for the federal government and
better utilize a historic property on our nation’s Main Street.”


The government and Trump still must come to terms on a final financial agreement, one that governs the use of the building and preservation of its historic aspects, in the next 12 months.
Trump would lease the land from the government and
the clock tower would remain under the control of the National Park Service and open to the public
Link
Seems to be more of a win-win.
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