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The Old Post Office Building on Pennsylvania Avenue was built in 1899, and the historic building will soon be reborn as the newest luxury hotel in the District in the past 15 years. Today one of the country's wealthiest real estate magnates promised that money would be no object as his company took over the property.
The lease-signing at the Old Post Office had nearly all the pomp and circumstance of a treaty signing at the White House, but little else could have been expected from Donald Trump, who today took control of the historic building amid plans to build a luxury hotel in one of the city's most coveted locations.
"Cost is no object, because if it was, I wouldn't build it, I can do other things. There are easier ways to make a buck, believe me," he said of his plans for the hotel.
"The goal of this development from inceptions was always to bring the finest hotel in the country to the District," said Ivanka Trump, Donald's daughter.
Mayor Vince Gray, D.C. Del. Eleanor Holmes Norton, assorted A-listers, and other power players were also at the signing ceremony, where Trump promised the hotel would be a boon to the city's economy. According to the real estate magnate, the hotel will create 700 construction jobs and 300 permanent jobs, and bring in $100 million in tax revenue.
As the ceremony came to a close, Trump didn't miss chance to repeat his iconic phrase: "You better do a good job, or you're fired," he warned. His daughter didn't disagree, saying, "You laugh, but he actually means that."
Trump paid $200 million to acquire the 60-year lease of the historic property.