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 designation of Riverside to develop the commercial elements of Union Station follows the City’s commitment to modernize and transform the transport infrastructure though the Amtrak Chicago Union Station Master Plan process.
The commercial aspects of the project do not require any Federal, state or local funding and are subject to further revision and consideration by the City of Chicago Plan Commission, Landmark Commission, Zoning Committee and City Council.
The Amtrak Board of Directors this week approved the designation of a master development team led by Riverside. This designation is based on a staff recommendation and follows a rigorous technical and financial review, assisted by KPMG, AECOM and Savills Studley.
The Board also approved finalizing financial negotiations with this developer by the end of the year.
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