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

Situation
• 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.

Goals
• 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.

Services
• 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.

Results
• 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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