Trump moves in four blocks from the White House

@CNNMoney February 8, 2012: 10:20 AM ET
The Trump Organization has been selected to turn the historic Old Post Office building in Washington into a luxury hotel.

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."

Assuming negotiations between Trump and GSA are successful, he will get a chance to start redeveloping the building starting in 2014. It is expected to to open as a hotel in 2016. To top of page

  • -->

    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.