The Los Angeles County Metropolitan Transportation Authority (Metro) plans to acquire the Los Angeles Union Station for $75m from Catellus Operating Limited Partnership.
The purchase includes 38 acres of land and 5.9 million square-feet of entitlements, which will provide Metro the right to build on the property and draw lease revenues from transit operators and businesses.
The Axis Union Station apartments, the Metropolitan Water District headquarters building, the office building in front Union Station on Alameda Street are exempted from the agreement.
At present, the station serves Amtrak, Metrolink, Metro Red and Purple Lines, Metro Gold Line, L.A. FlyAway and many Metro and municipal bus lines serving Los Angeles county and beyond.
Plans are being undertaken to improve station premises by adding pedestrian flow through Union Station, parking, and bus capacity issues on Patsarouas Transit Plaza.
The deal is expected to close in April 2011.