CHICAGO (AP) — Officials in Chicago have chosen a real estate firm to run a $1 billion overhaul of Union Station.
Chicago-based Riverside Investment & Development is calling redevelopment of the iconic building a “transformative” project for the city. It’s expected to include retail, hotel and office space. Officials say there’ll also be a pair of 12-story residential towers.
The total development will run 3.1 million square feet. Amtrak says it’ll negotiate final terms of the development agreement by the end of this year. Riverside says the project will create thousands of jobs.
Chicago Mayor Rahm Emanuel and Amtrak CEO Wick Moorman are expected to announce more details on Thursday.
Last year, officials with Amtrak, Chicago and transportation agencies chose four finalists for the project.
