CTA storefronts and other properties

Jeff Wegerson asked earlier about vacant storefronts in Edgewater. In the early 1990s, CTA entered into a lease with one company to lease the retail and concession spaces in the Granville, Thorndale, Bryn Mawr and Berwyn stations, and another company for the Loyola, Morse, Lunt and Jarvis stations. The two companies defaulted on their lease payments and eventually vacated the properties. In 2003 we put these properties out to bid and ended up with bids on only three parcels (out of 20 available). We’re going to put the remaining parcels out to bid again soon. I encourage you to spread the word in the neighborhood to encourage businesses to bid on the properties when the bids are advertised—we sure could use the revenue, and the community deserves to have vibrant businesses in these spaces. For everyone throughout the system, we are constantly looking for quality businesses to locate at CTA stations. Please let me know if there are specific people you would like to receive requests for bid.

Some of you also asked additional questions about specific property transactions. These are important issues, and I asked CTA’s real estate managers to look into these questions immediately. Here’s what I’ve found out so far.

First, for each and every one of the properties listed below, the purchase price reflects the value of one or more independent appraisals. The board also makes a formal determination that the property is not needed for transit purposes.

Church and Clark in Evanston. CTA sold a narrow parcel along Purple Line tracks for $72,000, and leased the remaining property to Evanston for $50,500/year, with annual CPI increases and a re-appraisal every ten years. Note: The Cook County Recorder’s website fails to reflect the full purchase price of this transaction.
79th and Western. ½ of a part of an alley abutting CTA property, sold for $13,000. Note: The Cook County Recorder’s website fails to reflect the full purchase price of this transaction.
2650 N. Clark. Former CTA bus garage, sold for $14.35 million with the buyer responsible for all environmental clean up costs.
North and Cicero. Former CTA bus garage, sold for $3.29 million.
69th and Ashland. Former CTA bus garage, sold for $2.3 million, and purchaser was responsible for all environmental clean up costs.
Howard Street station. Former CTA bus turnaround and Park & Ride lot. CTA sold for $3 million, with a portion of property dedicated to future renovation of Howard Red Line station.
5963 N. Lincoln. Former CTA bus turnaround, CTA sold for $390,000.
63rd and Cicero. Former CTA bus turnaround, CTA sold for $365,000.