Friday, November 18, 2011

Railyards Owner Removes Consultant

It was only a matter of time before Inland American Real Estate Trust Inc. canceled their consultant contract with Thomas Enterprises. Last month after working nearly ten years on the project the owners ended the contract which should rise questions as to what the future holds for the railyard project.
After Inland American Real Estate Trust Inc. foreclosed on the property last year and took control from former owner Thomas Enterprises Inc. Inland agreed to keep the Thomas team on as consultants for at least six months. Currently there is $130 million in federal and state money building infrastructure within the 200 acre site, and there is word that Inland will reexamine the density of the project in light of changes to the real estate market, but there are no immediate plans to build. That could mean the project could see changes to the designs that have been refined over the past decade.

Currently, the rail track relocation is on budget and on schedule to have the new tracks in operation next May. This undertaking will open the property to auto traffic. Also in progress are three pedestrian tunnels and a new water main.

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