Transit authority ready to sell downtown Union Station site to Raleigh

The region's transit authority is ready to sell the future site of Union Station to the city of Raleigh, clearing another obstacle from the path of the long-planned project.

The outline of the deal was approved by the Triangle Transit Authority on Wednesday and already has Raleigh council's approval, according to transit authority staff, though the final details haven't been inked. TTA bought the property ten years ago.

Under the deal, Raleigh would pay between $3.6 million and $4 million for about four acres, including two parking lots and two brick warehouse-style buildings near a railroad line off West Martin Street, staff reported. Meanwhile, as part of the exchange, TTA will dedicate up to $4 million for the construction of commuter rail infrastructure for the project.

TTA also would be allowed to lease parts of the proposed station for $1 a year. If the city rents any of the property to private businesses, such as retailers, it would have to use the revenues only for maintenance and operation of the station.

This story was originally published January 28, 2015 at 5:42 PM with the headline "Transit authority ready to sell downtown Union Station site to Raleigh."