Amtrak Grant Clears Path for Ishbia’s Chicago Plan
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USA: Railway Supply reported in March that Shore Capital was working to acquire Amtrak's 47-acre South Loop rail yard on pure speculation; the federal money that makes the move possible has now actually arrived, and Justin Ishbia's footprint in the area has grown even larger than first suggested. Amtrak is putting the bulk of its $696 million share of the FRA's Aug. 14 funding round toward a new Midwest Maintenance Facility at Union Pacific's Canal Yard in Bridgeport, according to an Amtrak statement cited by the Chicago Sun-Times. That relocation frees up Amtrak's current 47-acre 14th Street rail yard along the Chicago River, which Ishbia's private equity firm, Shore Capital Partners, is under contract to purchase. Don't miss… California High-Speed Rail Sets 2030 Trainset Deadline Ishbia is separately negotiating to acquire an adjacent 20-acre rail yard from BNSF, which would expand his controlled footprint in the area to nearly 70 acres, according to the Sun-Times. Canal Edge, Ishbia's development entity, is financing and delivering the roughly $900 million maintenance facility project itself - including more than $125 million of Ishbia's own personal capital - with Amtrak agreeing to buy the finished facility once construction is complete. Amtrak estimates the new facility will take about 18 months to build, with construction hoped to start this fall and Amtrak's move...
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