The Los Angeles County Metropolitan Transportation Authority reports that late last month it negotiated the purchase of Los Angeles Union Station from Catellus Operating Limited Partnership for $75 million.
Though agreements still need to be signed and insurance issues resolved, a Metro spokesman says future planning for the station, including expansion and redevelopment, will begin in earnest around mid-April when the sale closes.
The direct purchase includes 38 acres of land and 5.9 million sq ft 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.
Dave Sotero, the Metro spokesman, says the 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.
Sotero says Metro�s negotiations with the seller began in November 2010. In the seller's interest to conduct an expedited sale, Metro will purchase the station independently. The California High Speed Rail Authority has indicated an interest in partial ownership of the station as it continues efforts to bring high-speed rail service to the region.
Built in 1939, Union Station is a nationally registered historic landmark.