Photo by Rich Renomeron

He may have some goofy politics, but Donald Trump is still a real estate mogul at heart. And today he landed a big local property to redevelop: the Old Post Office located at 12th Street and Pennsylvania Avenue NW.

The announcement was made this afternoon by the General Services Administration, handing the historic yet underused building over to Trump so he can turn it into a “luxury hotel with more than 250 rooms, along with world renowned restaurants, a spa, and conference facilities, while preserving and enhancing all of its historic features.” More from the release:

In accordance with the request for proposal, GSA and the Trump Organization will spend the next year negotiating a detailed agreement for the building’s redevelopment – specifying building usage, historic preservation requirements and details of the Federal Government’s revenue stream. GSA will only move forward if an agreement is reached that provides a positive return for the taxpayer.

While negotiations proceed, GSA will relocate the existing Federal tenants in the Old Post Office, including the Advisory Council on Historic Preservation, the National Endowment for the Arts and the National Endowment for the Humanities.

If negotiations proceed as anticipated, redevelopment of the Old Post Office is expected to commence in 2014 with occupancy in 2016. At the end of the lease, control of the building will revert to the Federal Government.

Ever since the Old Post Office went into use in 1892, different administrations have tried to knock it down or redevelop it. (More on the building’s history here.) The building was listed in the National Register of Historic Places in 1973.