CHICAGO—A long-awaited project to transform one of Chicago's most significant downtown properties may be about to get started. Amtrak has designated a team lead by Riverside Investment & Development Co. as the master developer for Chicago's Union Station. It's another coup for John O'Donnell's Riverside, which recently opened 150 N. Riverside Plaza, one of the downtown's newest trophy office towers, and just launched a partnership with the Hughes Corp. to develop a 51-story tower at 110 N. Wacker.

It won the bid against some tough competition. Sterling Bay, Golub & Co., and The John Buck Co. all put forward their own plans for the historic property.

“This building was envisioned by Daniel Burnham in the 1909 Plan for Chicago as the city's primary rail station,” says Amtrak president and chief executive officer Wick Moorman. “It is in that spirit, we have big plans for both this Headhouse building and nearby properties owned by Amtrak. We have initiated real estate developments such as this to create revenue streams to invest in our core business, to improve facilities, to provide amenities to all users of the station – and to attract new ones. We are certain we will do that here in Chicago.”

Riverside created an initial conceptual design, in conjunction with co-developer and co-venture partner Convexity Properties – a DRW Company, that would take six years to complete. The proposed development would total about 3.1 million square feet and cost more than $1 billion. In the first of three phases, the partners would construct two new 12-story residential towers above the Headhouse building, which occupies an entire city block. And they would also place about 100,000 square feet of office space and a new hotel above a renovated Great Hall.

In phase two, a pair of 750,000 square foot office towers with ground floor retail and about 800 parking spaces would be added to the site. Finally, on southeast corner of Jackson and Canal, Riverside and Convexity have plans for a roughly 500,000 square foot retail and residential tower with open space and plazas at street level. The plan also calls for a lot of new street-level retail, pedestrian-friendly landscaping, and open spaces to enliven the area.

The Amtrak Board of Directors selected Riverside and Convexity based on a staff recommendation which followed a technical and financial review, assisted by KPMG, AECOM and Savills Studley.

“Adapting such an iconic building and transportation hub that serves so many is a responsibility we take very seriously,” says O'Donnell. “We look forward to working with Amtrak and our partners to make Union Station and the blocks around it into assets that serve and excite Chicago residents and commuters alike.”

The presented plan is not yet set in stone. The City of Chicago Plan Commission, Landmark Commission, Zoning Committee and City Council, still have to weigh in, and may suggest alterations.

It won the bid against some tough competition. Sterling Bay, Golub & Co., and The John Buck Co. all put forward their own plans for the historic property.

Instant Insights /

Union Station Gets Master Developer

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