Prosper Portland hopes to sell Union Station to 'entity with a strong transportation mission'
PORTLAND, Ore. (KOIN) — The Portland economic development agency that has owned Union Station for decades is hoping a new buyer will acquire the property in the coming years.
As first reported by the Oregonian/OregonLive, Prosper Portland Project Manager Shelly Haack told state and federal leaders in 2023 it would be in the city’s “long-term interest” to secure new ownership for the station. Again in February of this year, Haack said attempts to sell the property were still underway.
The sale would come after the agency began talks to upgrade the space. According to Prosper spokesperson Shawn Uhlman, a major restoration project is projected to cost about $250 million — and the price tag would be likely to increase further into the renovation process.
Proposed building upgrades include accessible features for visitors with disabilities, re-designed spaces for passengers and employees, and new electrical, plumbing, mechanical and safety systems.
Uhlman said Prosper sets aside a portion of the station’s $2 million operating budget every year, for “essential maintenance and repairs.” The spokesperson added that federal funding and tax increment financing has also helped with vital upgrades like roof replacements and seismic upgrades — but the property hasn’t had a major enhancement since the 1930s.
The facility opened in 1896. Prosper took over in 1987.
“…Prosper Portland acquired Union Station and adjacent railyards as part of a 31-acre acquisition; redevelopment of many of those acres became part of the Pearl District which included affordable housing, offices, and a hotel,” Uhlman wrote in an email. “Union Station is now one of only a few properties remaining from the original 31-acre redevelopment project.”
With a focus on economic development, the agency has looked to “an entity with a strong transportation mission” to acquire the building.
Amtrak — which Uhlman describes as the site’s primary tenant — once expressed interest, but “those conversations have been put on pause due to changes in Amtrak’s federal funding, staff capacity, uncertainty about preservation costs, and other organization priorities.”
The railroad company confirmed to KOIN 6 that it has “stepped back” from conversations surrounding the purchase of the station. Prosper is still working alongside other entities to develop a long-term strategy for the site.