The Chicago Transit Board today approved leases for tenants to occupy two concession spaces on the Orange and Purple lines. The addition of these new contracts brings the total number of leased spaces at rail stations to 74.
“With the addition of these new leases, CTA has now signed agreements for five businesses in the last two months at available concession spaces,” said CTA President Forrest Claypool. “These agreements will provide additional revenue for CTA and improves the convenience of transit for riders.”
Dunkin’ Donuts stores will open at the Central station on the Purple Line and the Ashland station on the Orange. These lease agreements are with 2nd Gen. Inc owned by Chetan Jani. Each lease agreement is for ten years and is expected to generate a combined $288,165 over the life of the contracts.
The rents for the concession spaces are in line with market value for similar properties in each respective area. 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 lease practices more in line with the private sector.
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