The Trump Organization has been selected to turn the historic Old Post Office building in Washington into a luxury hotel.
NEW YORK (CNNMoney) -- The Donald won't be moving into 1600 Pennsylvania Avenue. But he is taking over an historic building four blocks away.
The Trump Organization has been named the preferred team to redevelop the Old Post Office building and annex located at 1100 Pennsylvania Avenue by the the General Services Administration. The Trump Organization has committed to investing $200 million towards the renovation.
Donald Trump, the billionaire real estate magnate and television star who flirted with a run for president last year before declining to enter the race, has proposed turning the building into a luxury hotel with more than 250 rooms, along with world renowned restaurants, a spa, and conference facilities.
Current tenants of the building include the Advisory Council on Historic Preservation, the National Endowment for the Arts and the National Endowment for the Humanities. They'll all be relocated while negotiations are held on redeveloping the building in a way that maintains the historic features of the 19th century building and maximizes future revenues to the federal government.
"The Trump Organization plan will preserve the historic nature of the building and improve the vitality of Pennsylvania Avenue," said Robert Peck, GSA's commissioner of the Public Buildings Service "This redevelopment represents good business sense on behalf of the American taxpayer, the Federal Government and the District of Columbia."
|$100,000 income: Three very different tax bills|
|5 people you might not tip (but should)|
|Many recalled GM cars won't be repaired|
|Medicare vs. private insurance: Which costs less|
|Millions slip into Obamacare 'coverage gap'|