Constructed in 1903 and opened on April 13, 1904, the 11 floor Beaux-Arts domed 197 foot tall terminal was designed by Theodore Carl Link and cost George Jay Gould $800,000 ($28 million in 2024 dollars).

Floors 1 through 3 contained ticketing, passenger waiting areas and some retail with floors 4 and above serving hundreds of offices of Gould's Wabash Railway Corporation.

The terminal continued to service passenger traffic until October 31, 1931, but survived beyond that as an office building and freight-only facility.

The station was announced for demolition on July 5, 1953 to make way for the Gateway Center complex.

Demolition started on October 5, 1953 and was completed in early 1954.