The Old Post Office in Washington D.C. is being redeveloped by the Trump Organization. (Wyn Van Devanter/Wikipedia)
The Old Post Office took another step toward becoming a luxury hotel as the General Services Administration joined with the Trump Organization at a groundbreaking ceremony July 24.
The agency is leasing the Washington D.C. building for 50 years as part of its efforts to cut excess and underutilized properties from its buildings portfolio. The building was partially vacant for years and cost about $6 million a year to run and maintain.
Norman Dong, the public buildings commissioner at GSA, said at the groundbreaking that the project is a great example of identifying the best possible use for federal properties.
“All of us at GSA are excited about the upcoming transformation of the Old Post Office, which has long been an underused federal asset into one of Washington’s premier hotel properties,” Dong said.
Since 2010, GSA has completed nearly 600 disposal transactions that have generated more than $200 million in proceeds, according to the agency.
The $200 million redevelopment will turn the building into a 271-room luxury hotel complete with restaurants, spas and luxury conference and event spaces. The hotel will be completed in 2016, according to the Trump Organization.
“It’s an honor and privilege to have been selected and entrusted with this remarkable absolutely beautiful building in this very key and important location,” Trump Organization executive vice president Ivanka Trump said at the groundbreaking.
"It's really the best location in D.C. by far. I mean, everybody acknowledges that," said Donald Trump in an interview with WJLA after the ceremony. "We're going to do a building the likes of which D.C. has never seen. I think it will be one of the fine hotels anywhere in the world, and maybe the finest."