The Chicago Transit Board today approved three new leases for concession space on the Red Line. The new contracts bring the total number of leased spaces across the CTA system to 87.
“These new leases will offer our customers more amenities and provide us with revenue at the same time,” CTA President Forrest Claypool said. “We are building on the existing concessions to bring more and different options for our customers.”
CTA has entered into agreements which will generate a total of more than $150,000 in revenue over the life of the contracts. First Equity LLC will enter into subleases located at the Monroe station at the Adams entrance, the Monroe station at the Madison entrance and the Howard station on the Red Line. The concession space at Monroe/Adams will operate as a Dunkin’ Donuts store and the others as convenience stores.
Concession spaces are advertised with Jones Lang LaSalle and reflect market value for similar properties in each respective area. CTA amended its purchase and sales regulations in March in order to allow Jones Lang LaSalle to broker leases of available retail concession properties on the open market. Information on available retail concession spaces can be obtained at www.ctarealestate.com
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