Union Station in the late 90s was D.E.A.D. Proximity to downtown corporations, sports and an in-mall hotel couldn't keep it thriving. Some trinket stores and a couple ok restaurants.
"...
The Rouse “festival marketplace” concept revitalized urban historic sites all over the country. But only a few survived—those planted in densely populated city centers, surrounded by office workers and residents as well as tourists.
Union Station thrived for several years as a novelty, but soon its only regulars were post-office workers grabbing a quick lunch at the food court and tourists charmed by the gusty singing at The Fudgery.
In 2005, Mike Kelly of Chicago bought Union Station and invested, as far as O’Loughlin can tell, about $105 million in it. The bottom fell out of his financing in 2008, and the station froze in place. Union Station’s retail mall was losing about $1 million a year, and soon its holding company owed back taxes. A broker called Bob O’Loughlin.
He waved away the silver platter that held Union Station’s mortgage; he didn’t want his company, Lodging Hospitality Management, to buy just the note. A year went by. In fall 2011, a different broker called: Union Station was officially up for sale.
“The place needs a lot of fix-up,” replied O’Loughlin, a master of understatement.
...."
http://www.stlmag.com/Can-Bob-OLoughlin-...n-Station/
So now it's on to its next (third?) incarnation:
"nextSTL has learned the highly anticipated second phase of redevelopment at Union Station will feature a $70 million amusement park along with varying retail outlets. According to documents obtained by nextSTL, Union Station owner Lodging Hospitality Management (LHM) is requesting $18.5 million in TIF money to assist the project.
...
In October 2012, LHM purchased the
nearly vacant property for $20 million. The company also intends to utilize federal historic preservation and Missouri historic tax credits along with Brownfield tax credits on the second phase of the project. More than $28 million in subsidies total to revamp the National Historic Landmark downtown anchor.
...."
http://nextstl.com/2014/11/70-million-am...velopment/
So should Central Station become an amusement park? Or a failed mall?