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Amtrak is hoping to kick-start a long-delayed renovation plan at Union Station by formally seeking a developer for the project. It hopes to have a team in place by autumn.
The rail agency and select partners began studying ways to improve the 91-year-old station in 2010 and first announced its master plan two years later. Last year, Amtrak laid the groundwork toward implementation.
Union Station could be a boon for the developer that lands the right to work on it. The master plan includes rehabbing 1.3M SF of office space and ground-up development of another 3M SF on the station's air rights, Crain's reports. Much of the funding would come from low-interest federal loans. Union Station's centralized location to the Loop, West Loop/Fulton Market and the South Loop, and its average of 120,000 passengers a day passing through, are other attractive options for potential bidders.
Time is of the essence, however. Requests for qualification are due by July 1 and Amtrak is so eager to get a developer in place the agency may skip the RFP process and name one. [Crain's]
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