LCOR Ventures, a real estate developer based out of Oakland, California, was the highest bidder for the downtown Princeton Post Office site, several sources have told Planet Princeton.
The U.S. Postal Service would not confirm that the company was selected because a sales contract has not been signed yet. An official announcement is expected early next year. Princeton native Tyler Wood, son of former Princeton BMW President Denise Wood, is the vice president for acquisitions for LCOR Ventures.
The current post office will be relocated to 51-53 Hulfish Street. Local officials were informed of the move today.
The Palmer Square post office is listed on the state and national registers of historic places. The U.S. Postal Service has been selling properties recently to fill its large budget gap. Several bidders bid on the Palmer Square property. The company will likely put retail in the space but has not ruled out a restaurant, sources said.
Editor’s Note: An earlier edition of this story listed LCOR as being based in New York and reported that the developer managed the Novo Nordisk headquarters project. LCOR Ventures is based in Oakland, California. Planet Princeton regrets the error.