Mineral Wells Area News

Press Release from Mineral Wells Economic Development Board

Mineral Wells, TX — The historic post office building located at 201 NE 2nd St has officially been sold, marking a new chapter for this iconic structure in the heart of Mineral Wells.

Built in 1911, the old post office has served as a vital community hub for decades since the US Postal Service ceased operations in 1959. The building was deeded to the City of Mineral Wells and has been utilized for various community events, as well as the home of the Mineral Wells Woman’s Club for the last 49 years. Its unique architecture and historical significance have made it a cherished landmark among residents and visitors alike.

The sale of the building for $1,000,000 was approved by the City Council on October 15, 2024 after an Executive Session.

Mayor Regan Johnson commented, “There comes a time when the city could do only so much to maintain the building for this lengthy period, and it was time to pass the torch to someone who cares as much for the building as the community and who possesses the cash resources to extend the life of such a beautiful community asset.”

Prior to voting to sell the post office, Council Member Mitchell commented on the process of the sale and the care taken by city staff and city council to adhere to a strict due diligence process leading to the final decision. More importantly, he and other members of the city council repeatedly expressed their sincerest thanks to the Mineral Wells Woman’s Club’s current and past members for their vital role in ensuring the longevity of the building.

“The Woman’s Club dedicated their time, treasure, and efforts to maintain this beautiful building to the best of their abilities. It was the Woman’s Club 49 years of loving care for the building that made this next phase of the old post office’s life possible,” stated Mayor Johnson.

“We and the community owe them a deep appreciation and gratitude for
their committed community service,” stated Johnson.

The new owner, Daniel Jaeggi, plans to preserve the building by performing a complete restoration of the exterior to maintain the integrity of the masonry and architecture and then to restore the interior while maintaining its historical significance to preserve the future of the building. His vision aims to preserve the building’s historical charm while bringing the building up to code as well as providing modern amenities so the building may be enjoyed by the community and visitors alike.

Jaeggi is the co-owner of the privately held Mercuria Oil Trading Company based in Genva Switzerland. Mercuria is one of the world’s leading independent energy and commodity groups. They operate globally bringing markets together to support the world’s energy needs. The company’s annual profits are $400 Billion.

Jaeggi splits his time between Geneva and Mineral Wells where he has ranching and cutting horse operations. He fell in love with the Old Post Office due to its architectural significance and beauty. Jaeggi is no stranger to performing historical restorations as he has accomplished this type of restoration around the world and in Texas.

The city received an offer from Mr. Jaeggi a little under a year ago. His purchase proposal was offered in accordance with state law and the city followed through with its due diligence as prescribed by state statute.

The building is located within the Tax Increment Reinvestment Zone Number Two, is owned by the city, and is in an Opportunity Zone. The city followed the prescribed process under state law for a building owned and located within the parameters described above.

The city obtained two independent appraisals from JLL and CBRE. The appraisals came in at $800,000 and $850,000. The sale price is significantly above the appraisals obtained by the city.

Under the terms of the purchase/sale agreement, Mr. Jaeggi has Five (5) years to plan and restore the building to obtain a Certificate of Occupancy or the building reverts to the City of Mineral Wells at no cost to the city.

The purchase funds must be placed in one of the City of Mineral Wells Capital Funds and may only be used for capital projects that are a benefit to the community. The purchase funds may not be deposited into or used for General Fund operational purposes.

Jaeggi commented he is very excited about receiving the property and doing a complete philanthropic historical restoration to the building.

“I fell in love with this building some years ago and am looking forward to preserving this fantastic structure,” stated Jaeggi.

His intent is to restore the building, maintain its historical character and
architecture, and bring to Mineral Wells a first-class restaurant as an asset to be enjoyed by all who live and visit our community.

Mineral Wells EDC will coordinate with Jaeggi for a kickoff event in the early part of 2025, to allow the new owner to share details on the plans for the old post office and to engage with residents.

Additionally, Mr. Jaeggi was also awarded the bid on the lease of the old Weir Hangar at the Mineral Wells Regional Airport and renovations of that structure will also start around the beginning of 2025.

For more information about the sale and future plans of the old post office, please contact Nate Dyhre at the Mineral Wells EDC.