Quote:
Originally Posted by Ned.B
I'm not exactly an insider, but it's my understanding the hotel is pretty dead, and has been for two years. Prior to Covid the hotel market was already beginning to slip and the deal stalled over disagreements on the value of the space. Not that it might not still come back, but it will probably be reworked if it does.
Any work in the station areas are mostly stalled as well for about the same 2 years. The original plan was that the developer would contribute to the renovation of the concourse, but this project hasn't turned out to be the sort of profit generator for that to be in the developer's interest. Metra similarly hasn't been in a financial position to contribute to improvements, and no federal aid has materialized for the project. Here's to hoping that this current presidential administration and congress will prove to much more favorable to transportation projects and Amtrak funding and something will get done.
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I mean, BMO Tower itself should be a pretty big profit generator. Isn't the whole point that the tower funds improvements to the station somehow?
I'm actually curious what the ownership structure of this tower is. Did Amtrak sell the land outright to Riverside, or is it a 99-year ground lease? Or is Amtrak somehow a full partner in the deal by contributing land in exchange for a % ownership of the improvements (aka the tower itself).
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