10/18/99
Customers to Benefit from New Rail Station, Bus Terminal and Park 'n' Ride Garage
The Chicago Transit Board, at its monthly meeting, today approved a series of transactions that include the sale of the present Park 'n' Ride lot near the Red Line Rail Terminal at Howard Street, the purchase of land to build a new Howard rail station, bus terminal and CTA administrative offices, and the construction of a new 659-space enclosed parking garage providing shared parking for CTA customers and patrons of the new Gateway Centre development.
The existing 141,788 square foot surface Park 'n' Ride facility located at Hermitage and Rogers Avenue in Chicago will be sold to the City of Chicago for just under $3 million comprised of $2.36 million in cash and at least $600,000 in transit improvements such as sidewalks and a busway. As part of the project, Hermitage Avenue, between Howard Street and West Rogers Avenue, would be re-named Paulina and re-located farther east to accommodate the new busway and car lanes.
Once the CTA has approved the property sale, the City of Chicago will enter into a revised Redevelopment Agreement with Combined Development-Howard, LLC who would then construct a mixed-use development on the property. The Gateway Centre, as the project is called, would include a Dominick's, a multi-screen theatre, and retail space. To promote economic development in the area near the Howard station, the City has created the Howard Paulina Tax Increment Financing District.
The CTA Board's action continues the Gateway development project underway in the area and will include the construction of a new enclosed Park 'n' Ride garage for CTA customers. The new facility will feature 659 parking spaces, 489 of which will be available for CTA passengers who park their vehicles and board the train. The remaining 170 spaces on the first floor will be reserved for the movie theatre's patrons. Like the Park 'n' Ride facility at Cumberland along the Blue Line, this lot will have an all-day rate of $1.75.
Chicago Transit Board Chairman Valerie B. Jarrett said, "This opportunity allows the CTA to be an active partner in the economic re-investment within the community we serve at Howard. This development project will bring about significant improvements for the community, our customers and our employees."
CTA President Frank Kruesi added, "We're pleased to be able to move forward on this Howard station, a project that has been talked about for almost twenty years. A new rail station, a new Park 'n' Ride garage and bus terminal will provide our customers with more attractive facilities that will hopefully encourage even more residents of the community to take advantage of the CTA services we provide. Our employees at the Howard Terminal have been working in temporary offices and we're pleased to be able to offer a more productive working environment."
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