Metro Buys Union Station For $75M

LOS ANGELES (CBS) — Metro says they are buying Union Station for $75 million and will turn the historical landmark into a modern transportation hub.

The Los Angeles County Metropolitan Transit Authority says the purchase will include 38 acres of land and 5.9 million square feet of entitlements that will give MTA the right to develop real estate around the downtown transportation hub.

Metro also plans to have high-speed trains arrive at the station and to expand its retail areas.

“Our purchase of this historic station will enable us to make the needed investments to enable this facility to accommodate greater increases in transit ridership resulting from Measure R transit projects and anticipated future arrival of high-speed rail,” said Metro board chairman and Los Angeles County Supervisor Don Knabe.

About 80,000 passengers go through the station per month. Revenue generated by increased traffic will pay for a chunk of the purchase price, said Roger Moliere, Metro’s real property management and development chief.

The deal is expected to close in April.

The purchase agreement does not include the Axis Union Station Apartments, the Metropolitan Water District Headquarters building, and the office building in front of Union Station on Alameda Street.

Metro already owns Union Station’s East Portal, the adjacent Metro Headquarters building and Patsaouras Transit Plaza.

The station is currently home to Amtrak, Metrolink , Metro Red, Purple and Gold lines, L.A. FlyAway and numerous Metro and municipal bus lines serving Los Angeles County and beyond.

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

  • Grace I.

    Does nobody proofread anymore? The first sentence in each of the first two paragraphs contain glaring errors! What happened to taking pride in the work you put out?

  • Mark V

    Does anyone know who they bought Union Station from? I didn’t see it in the article, but I always assumed some government agency owned it….

    • Grace I

      Someone edited the story after my original posting (above). I don’t remember the name, but it was some real estate holding company.

  • Ken Ruben

    As one who follows METRO and Union Station related items, it could have been bought from Catellus which supposedly was sold to I think TGP.previously.

    I will try to follow up on this at a later time.

    • Ken Ruben

      I was right about Catellus but not TGP.

      From METRO’s The Source today:

      In closed session, the Metro Board of Directors voted Thursday afternoon to purchase Union Station for $75 million. Here’s the news release:
      The Los Angeles County Metropolitan Transportation Authority (Metro) today announced that it has successfully negotiated the purchase of Los Angeles Union Station from Catellus Operating Limited Partnership for $75 million, a move that sets the stage for future expansion of the “last of the great railway stations” built in North America.
      The direct purchase includes 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. Currently, the station is home to Amtrak, Metrolink, Metro Red and Purple Lines, Metro Gold Line, L.A. FlyAway and numerous Metro and municipal bus lines serving Los Angeles County and beyond. The station is also home to several new retail businesses.
      The purchase enables Metro to better meet the station’s current and future transportation needs. Union Station has experienced a boom in the number of transit patrons and others who travel through it on a daily basis. Use of the station is expected to experience strong growth through a combination of factors, including planned construction of the Regional Connector transit project through downtown, the future Metro Silver Line express bus station on Patsaouras Transit Plaza, a growing retail presence and future high speed rail plans for Los Angeles.

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