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Partnerships: Terminal Development Initiative

Prime Contractor: KPMG
Client: Amtrak
Date: March 2015
Locations: New York, Philadelphia, Baltimore, Chicago, and Washington DC


Amtrak is currently looking to overhaul its largest set of real estate assets in its large stations on the Northeast Corridor and in downtown Chicago. The project was to model, compare, and select potential partnership and financial structures to maximize station value.


  • Identify, evaluate, and compare feasible development scenarios for properties, air rights, and strategic acquisitions at and around each of Amtrak’s largest stations.

  • Compare possible structures of direct transactions, discrete partnerships, multi-station partnerships, and comprehensive partnership.


  • Dr. Charles Warren and the Toyon Group was engaged to provide forecasts of demand growth in several land uses including office, multi-family residential, hotel, and retail.

  • The team conducted highest and best use analysis to determine best courses of station development. Analysis on the prospects for corporate asset development (station retail rental income, parking, advertising/sponsorships, real property sales) and right-of-way development (pipe and wire, telecommunications, power generation, advertising, real property leases) to assist the financing of
    improvements to the stations.

  • The team compared potential partnership structures and evaluated of ways forward to pursue development.


  • Ongoing consulting as Amtrak prepared for an RFP process to identify and select potential joint venture partners in operating and developing stations.

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