CTA Leases Property in Preparation for Dan Ryan Track Renewal Project

July 18, 2012
The Chicago Transit Board today approved a temporary lease for property that will be used as a staging area for construction related to the Red Line South Track Renewal Project.
 
“Our construction staff is already planning ahead, taking necessary steps to ensure everything is in place before constructions begins, so that work proceeds as smoothly as possible,” said CTA President Forrest Claypool.
 
The property is owned by Saint Bernard Hospital on the south side of West 63rd St. between Harvard and Stewart Avenues, one block from the CTA Red Line. The approximately 44,750-square-foot vacant lot will be used for staging construction equipment and materials for the Red Line South project, which will rebuild the entire line from Cermak-Chinatown to 95th Street in 2013—providing faster, more comfortable and more reliable service for Red Line riders
 
The term of the lease is 18 months and includes a one-time fee of $50,250, which represents current fair-market value. CTA or its contractor will also make improvements to the lot at the end of the lease term.
 
The lease fee and the cost of the improvements are budgeted into the overall cost for the Red Line South project which comes from a mix of state and local funds.
 
 
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