CHICAGO (CBS) — Amtrak has announced the selection of a Chicago developer to oversee plans for a more than $1-billion transformation of Union Station.
Riverside Investment and Development will lead the six-year project to add more than 3-million square feet of new commercial space at Union Station and surrounding property.
“We think this is going to be good for Amtrak, be good for Chicago, and make that whole part of the town a much better place for everyone, including our passengers,” Amtrak CEO Wick Moorman said.
The first phase of the project will add a hotel above the Great Hall, 100,000 square feet of office space, two new 12-story residential towers above the Headhouse, and 110,000 square feet of new retail space, including a new food hall.
The second phase would create two new 750,000-square-foot office towers on what is now a parking garage across the street from Union Station, and new landscaped terraces and plazas at the station.
The final phase would create a 500,000-square-foot residential tower above rail lines at Jackson and Canal, including open space and plazas at street level.
The redevelopment also will create enhanced street-level entrances, improved pedestrian traffic flow in and out of the station, and new landscaping and open spaces.
“With today’s announcement, we invest in a future that will be richer than the past; one that is not just nostalgic, but one that allows the Chicago economy to continue to grow, be vibrant, and continue to allow the city of Chicago to be a world-class economy,” Mayor Rahm Emanuel said Thursday morning.
According to the mayor’s office, the project will create about 7,500 construction jobs and 7,000 to 8,000 permanent jobs once the redevelopment is completed.