Seven new retail leases approved for spaces at agency’s headquarters and Red, Blue, Green and Purple lines
The Chicago Transit Board today approved seven new concession leases to local and international businesses, including the well-known, Chicago-based Bin 36 and the popular London Underground snack shop Grab-A-Bite, continuing the agency’s ongoing efforts to provide convenient food and beverage options to transit customers.
“The investments made to CTA’s existing infrastructure since 2011, under the leadership of Mayor Emanuel, have led to increased rail ridership that make CTA rail stations more attractive to restaurants and retailers,” said CTA Forrest Claypool. “After years of neglect, CTA retail spaces that were once undesirable and difficult to rent, are now bringing long-term value and convenience to our customers, neighbors and the overall transit system.”
Best known for its seasonal menu and wine-by-the-glass pairings, Bin 36 is a full-service restaurant, bar and retail market that will be within short walking distance of the CTA’s Clinton station on the Pink and Green Lines. After 15 years in its current location, the well-known restaurant will be relocating to a space at 161 N. Jefferson, located within the CTA’s main office building in the West Loop.
The lease goes into effect January 1, 2015, with Bin 36 responsible for making improvements to the roughly 5,600 sq.ft. space, as well as a 2,000 sq.ft. outdoor dining area. The restaurant is expected to continue to offer retail wine and wine accessories. At a minimum, the establishment will operate from 11 a.m. to 10 p.m. five days a week.
CTA riders will soon get a taste of London via Grab-A-Bite, a popular snack shop with multiple locations across London’s Underground rail system. This marks Grab-a-Bite’s first presence in the U.S. and its first U.S. transit agency. Grab-a-Bite will be located at the Chicago/State Red Line and Division, Western/Milwaukee and Washington Blue Line stations, where CTA riders will be provided with a variety of ready-to-go or wholesome menu food and beverage options, including fruit smoothies, cold and toasted sandwiches, pizzas, hotdogs, muffins, coffee and more.
Also approved today were leases for two new newsstand-convenience marts at the Loyola Red Line and Harlem/Lake Green Line stations.
Six of the seven leases approved today have a base-term of 10 years plus two five-year options to extend, while one concession space lease has a base-term of seven years with two five-year options. To date, a total of 54 new concessions have been added across CTA’s rail system since 2011.
Revenue generated by these leases will add nearly $323,000 annually to CTA’s non-farebox revenues and nearly $3.4 million over the course of the base-term agreements.
# # #