Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery: 12.18.2014
    Rite Aid soars. America runs away from Dunkin’ Brands.  And Oracle closes in on an all-time high. Plus we discuss investing opportunities in Cuba.
  • MarketFoolery: 12.17.2014
    Motley Fool Funds analyst Bill Barker breaks down the latest earnings reports from FedEx, Darden Restaurants and General Mills.  Plus we discuss the relative importance of analyst upgrades & downgrades.
  • MarketFoolery: 12.16.2014
    Motley Fool Funds analysts Tim Hanson and Nate Weisshaar analyze Russia’s rising interest rate and falling ruble.  Plus, they share insights (and travel tips) from their recent trips to South Korea and Brazil.
Capital Business
Posted at 01:15 PM ET, 12/20/2011

Developers eye post offices in Georgetown, Bethesda, Silver Spring

The United States Postal Service is in rough financial shape and plans to close more than 3,700 post offices nationwide by 2015. It could cut as
The U.S. Postal Service plans to cut more than 3,700 post offices by 2015. (Andrew Harrer - BLOOMBERG)
many as 120,000 jobs.

Given this slimming and the agency’s budget shortages, the postal service is looking to sell dozens of properties nationwide and some of its real estate in the Washington area is already getting snapped up.

EastBanc, the high-end housing and retail developer known for Cady’s Ally, the Ritz-Carlton and many other projects in Georgetown and the West End, says it is under contract to buy the Old Georgetown Post Office, at 1215 31st Street, NW.

This post office isn’t on the list slated to be closed, but EastBanc has been considering development plans ranging from town houses to condominiums to offices for the parking lot space next door to it. Redevelopment above the post office in the existing building may also be possible. (See the Georgetown Metropolitan blog for much more.)

Donohoe Real Estate bought the post office at 7400 Wisconsin Avenue, in Bethesda, earlier this year, although Tim Gallagher, president at Donohoe Real Estate, said recently at a Montgomery County development forum that work on the site isn’t likely to begin for three or four years. That post office continues to operate.

A Silver Spring post office consisting of a 30-year-old building on two-and-a-half acres at 8616 2nd Ave. is slated to be closed altogether, and is listed by the postal service as under contract. A broker for the postal service declined to comment on properties that were under contract.

Looking to own a local post office? It looks like there’s one in Woodbridge that is still available.

The Old Post Office pavilion is also on the market to be leased and redeveloped, though it is no longer controlled by the postal service.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  01:15 PM ET, 12/20/2011

 
Read what others are saying
     

    © 2011 The Washington Post Company