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passenger bus drives by the Greyhound station on S Lamar St in downtown Dallas on January 25, 2024. The property has been sold to prominent Dallas real estate investor Ray Washburne.

    Washburne, a well-known developer and businessman, closed the sale of the Greyhound terminal at 205 S. Lamar St on Thursday, according to an interview with The Dallas Morning News. He owns several high-profile properties in the area, including Founders Square and Knox Street Dallas.

    Greyhound initially planned to close its downtown terminal in October when its lease expired, but has since extended it through April 2025. After that, Washburne will redevelop the property as part of his larger plan to revamp downtown Dallas. The goal is to prepare the area for a new convention center.

    Washburne's plans are still unclear, but he aims to "clean up" downtown and make it ready for the convention center. Greyhound declined to comment on the sale.

    The 26,000-square-foot property was sold for $2.8 million, according to the Dallas Central Appraisal District. Washburne said he might preserve the historic bus station sign, which dates back to about 1946.

    Washburne's purchase is part of a larger trend in the industry. Twenty Lake Holdings, a subsidiary of investment firm Alden Global Capital, acquired 33 Greyhound stations across the US for $140 million in late 2022. Since then, several terminals have closed and been put up for sale, leaving riders without shelter as they wait for connections.