Amtrak awards Chicago’s Union Station P3
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Amtrak has designated a team lead by Riverside Investment & Development Co. as the Master Developer for commercial elements of Chicago Union Station (CUS) and neighboring Amtrak-owned properties.
The initial conceptual design proposed by Riverside, in conjunction with co-developer and co-venture partner Convexity Properties – a DRW Company, includes three phases projected to be completed in about six years. Key project priorities include improved street entrances and pedestrian traffic flow entering and leaving Union Station, as well as improved pedestrian-friendly landscaping and open spaces.
The proposed commercial development will total approximately 3.1 million square feet at full build-out. The developer expects to create approximately 7,500 construction jobs over the life of the more than US$1 billion project, as well as an additional 7,000 to 8,000 permanent jobs. The three phases are:
- Phase One – Union Station Headhouse and Concourse Improvements
- Phase Two – New Office Towers with Retail and Parking (currently parking garage)
- Phase Three – Plaza and Tower on Southeast Corner of Jackson and Canal
This designation is based on a staff recommendation and follows a rigorous technical and financial review, assisted by KPMG, AECOM and Savills Studley.
The designated developer will harmonize commercial development with the need to address growing passenger volumes at CUS, and to successfully integrate the station into the surrounding West Loop neighborhood. The Master Developer will also engage the community and incorporate feedback from West Loop stakeholders into any development plan.
The Master Development process in Chicago is part of a larger corporate program to leverage the substantial Amtrak asset portfolio and also includes stations in New York City, Philadelphia, Baltimore and Washington, D.C.
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