Union Station Has a New Owner: Metro
It's only been a few months since Los Angeles' historic Union Station was sold to a Texas company, but today the Los Angeles County Metropolitan Transportation Authority (Metro) today announced they have successfully negotiated the purchase of the transit hub property to the tune of $75 million.
Involved in the purchase, says Metro, is 38 acres of land and 5.9 million square-feet of entitlements that provide Metro the right to build on the property and draw lease revenues from both transit operators and businesses. Right now the station serves Metro buses, and their Gold, Red, and Purple lines, as well as Amtrak and Metrolink trains, and the LAX Flyaway shuttle.
With the purchase, Metro says they can "better meet the station’s current and future transportation needs." Already heavily used, the station will get a boost soon from more retail, Metro's Silver Line stopping on the plaza, the Regional Connector transit project through downtown, and long-range high-speed rail plans.
L.A. County Supervisor Don Knabe, Chairman of the Metro Board of Directors says the purchase gives Metro "the ability to retain the historic nature of Union Station and prepare it to serve as a world-class 21st century transportation hub.”
Once the sale closes, likely in April, Metro can review plans for development and expansion.