Donald Trump may never have an inaugural walk down Pennsylvania Avenue as President, but that doesn't mean the billionaire real estate mogul won't get a plush front row seat. The General Services Administration said today it selected the Trump Organization in a $200 million deal to redevelop the underutilized Old Post Office
In a deal was first reported by the Washington City Paper, the Trump Organization will convert part of the Old Post Office at 1200 Pennsylvania Avenue into a 250-room luxury hotel with restaurants and a spa. The GSA said that the Trump-led redevelopment of the aging building, which was completed in 1899, could commence in in 2014 with completion in 2016.
"The Trump Organization plan will preserve the historic nature of the building and improve the vitality of Pennsylvania Avenue, Robert Peck, GSA's Commissioner of the Public Buildings Service said in a statement on GSA's Web site. "This redevelopment represents good business sense on behalf of the American taxpayer, the federal government and the District of Columbia."
Current tenants of the Old Post Office include the National Endowment of the Arts and the National Endowment of the Humanities, who will be moved prior to reconstruction once negotiations over the plans by GSA and Trump conclude.
Washington real estate development news