Palo Alto Wants To Buy Its Post Office

Palo Alto is interested in buying a Post Office building.

By Richard Faustino
|  Wednesday, Feb 22, 2012  |  Updated 7:54 AM PDT
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Palo Alto Wants To Buy Its Post Office

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The city of Palo Alto is looking to buy some valuable real estate from the federal government. It has its eye on an older, 20,000-square-foot Post Office building in the downtown area. Council members overwhelmingly voted to appraise the property and find possible uses.

The U.S. Postal Service is looking to unload it, so it can move operations to a much smaller location just a few blocks away. The agency stands to save $1 million per year over the next decade.

It's all part of a campaign to try and shave $18 billion in Post Office debt. It has been losing billions over the past several years due to declining customers and the explosion of social media and the internet.

There is talk of keeping the Post Office at the building, but operating at a smaller footprint. It's expected to officially hit the real estate market on May 15th.

The building first opened during the Great Depression, back in 1932.

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