Amtrak has chosen a team of developers, including Beatty Development and Cross Street Partners, to transform Penn Station and surrounding properties owned by the organization.
Amtrak announced plans Thursday to negotiate a master development deal with Penn Station Partners, which also includes Armada Hoffler Properties, Gensler, WSP USA, Network Rail Consulting and Mace Group.
“Baltimore Penn Station is the eighth-busiest station in our national network and this important step underscores Amtrak’s continued efforts to significantly enhance the station experience and amenities for all travelers,” Bart Bush, Amtrak vice president of real estate stations and facilities, said in a statement.
The proposed redevelopment includes a hotel at the historic station head house, as well as building new office and residential space totaling 1.6 million square feet of development.
Penn Station is located on the border between the Mount Vernon and Station North neighborhoods in the city. Both neighborhoods have attracted significant investment in recent years, including SAA | EVI Development’s $25 million Nelson Kohl Apartments across Lanvale Street from Penn Station.
Elected officials and business leaders in Baltimore praised the choice by Amtrak and called the planned redevelopment of Penn Station necessary.
“Penn Station is overdue for a major update,” Greater Baltimore Committee President and CEO Don Fry said in a statement. “It is a gateway to the city and can be a tremendous asset for mid-town. Also, innovative development of the adjacent land has the potential to turn the entire emerging area into a magnet for new economic opportunity, cultural and social activity — and jobs.”