The interaction of public/private development constraints : opportunities for the reuse of Kansas City's historic Union Station

Abstract

Conclusions show that the previous commitments of city benefits is not likely to spur a redevelopment of Un ion Station. Because of the high level of risk of the station project, large parking requirements, and the high renovation costs of the station building, substantial subsidy will be required for the station to meet the developer's financial return goals. Examination of previous station attempts shows these subsidies to have traditionally been provided by the city from available federal funds. As these funds have an uncertain future, alternative subsidy sources are required. Alternative subsidies suggested are developer subsidy from increased density on the Union Station site , direct city subsidy, and indirect subsidy through the effect of city actions. Each alternative source of subsidy is examined and its impact upon the Union Station project determined.