CHICAGO-Two blocks of underused space north of the Ogilvie Transportation Center commuter rail terminal in the West Loop area will be transformed into a 200,000-sf retail market by a joint venture between Metra and US Equities Realty, LLC. Dubbed MetraMarket, the $33-million retail development would be built at street level under commuter rail lines between Washington, Lake, Clinton and Canal streets.

The development will include 95,000 sf of retail space including a fresh food market and grocery along with 38,000 sf of restaurants. There will be parking for 100 cars, although the market is accessible to Chicago Transit Authority elevated rail and bus lines. Although city council approval is required, groundbreaking is planned for 2002 with completion sometime in 2005.

US Equities will oversee development and manage MetraMarket under a 90-year lease. Metra expects to receive $29 million over the first 25 years in rental income and return on capital.

The Ogilvie Transportation Center serves 95,000 commuters each weekday using three rail lines to the north, northwest and west suburbs. However, the area northwest of the terminal has seen much multifamily development, mostly luxury condominium units. There already are nearly 39,000 people living within a mile of the Metra terminal. The Randolph Street theatre district to the east is within walking distance of the train station. To the west, plans call for between 3.5 million and 8.5 million sf of new office space being built.

“We've already had several discussions with major retailers,” says US Equities vice president Cassandra Francis, project manager for the development. “MetraMarket provides a wealth of opportunities for retailers to enter this growing, high-income, under-served area.”

The commuter rail agency acquired the train station in 1991 from Chicago & North Western Railway. Since then, it has undergone a $141-million renovation, not including the development of the Citicorp Center above it at 500 W. Madison St. The renovations included retail development in the terminal, including shops and fast-food restaurants.

“We chose U. S. Equities for two major reasons,” says Metra Executive Director Phil Pagano. “First, because they proposed the most creative and interesting solution for both our commuters and the general public. Second, because of their successful track record of developments related to commuter and railroad facilities including Chicago's Union Station and Philadelphia's 30th Street and suburban stations.”

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$33-Mil MetraMarket Planned for West Loop

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