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The Los Angeles County Metropolitan Transportation Authority (LACMTA) has negotiated the purchase of Los Angeles Union Station from Catellus Operating Limited Partnership for $75 million.
The purchase includes 38 acres and 5.9 million square feet of entitlements that provide LACMTA the right to build on the property and draw lease revenue from transit operators and businesses. The station is home to Amtrak, Metrolink, and LACMTA's Red, Purple and Gold lines.
The purchase better enables LACMTA to meet the station's current and future transportation needs, agency officials said in a prepared statement. Station use is expected to grow as a result of several factors, including the Regional Connector transit project through downtown, an expanding retail presence and future high-speed rail plans for the Los Angeles area.
LACMTA is expected to buy the station independently, but the California High Speed Rail Authority (CHSRA) has indicated an interest in partial ownership of the station as it continues efforts to bring high-speed rail service to the region.
"Union Station is a critical transportation hub for the high-speed rail system, providing passenger access and intermodal connectivity," CHSRA Chief Executive Officer Roelof van Ark said. "The [CHSRA] has identified a significant amount for their participation in this purchase and we will be working with [LACMTA] to, ultimately, determine the details behind this partnership." LACMTA expects to close on the purchase in April.