CTA Adds New Retail Concessions to Green, Pink and Blue Lines

June 8, 2011
The Chicago Transit Board today authorized leases for new tenants for three retail concession spaces at the Cottage Grove station on the Green Line, the Central Park station on the Pink Line and the UIC Halsted station on the Blue Line.  
 
With the addition of these three new contracts, CTA has 74 leased spaces at rail stations with an additional 33 currently ready for prospective tenants.
 
“In addition to providing amenities for customers, finding long-term tenants for these locations also ensures the agency is able to generate additional revenue,” said CTA President Forrest Claypool. “CTA is working diligently to ensure we are using our assets to their maximum benefit and to find tenants for the other properties available.”
 
In March 2011, the CTA amended its purchase and sales regulations with real estate consultant Jones Lang LaSalle to broker leases of available CTA retail concession properties on the open market rather than soliciting request for proposals from potential tenants. This ordinance allowed for leasing practices which are more in line with the private sector. The leases approved today are within market value in the respective areas.
 
Mina Builders is leasing space at Central Park and UIC-Halsted and will operate newsstands at those locations.  Both lease agreements are for five years and will generate a combined total of $113,320 over the life of the contracts.
 
CTA also agreed to a five-year lease with Shanita Hicks to operate a newsstand at the Cottage Grove station on the Green Line. The agreement will generate $12,433 over the life of the contract.
 
 
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