X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

CHICAGO-Construction is expected to begin soon on the more than $40-million MetraMarket, the 200,000-sf, ground-level retail redevelopment being created beneath overhead commuter rail tracks. The first phase of the development, approximately 66,000 sf on the south block, is 50% preleased, says Jim Whittington, managing director of finance and investments for US Equities Realty.

Paris-based Sebastien Bensidoun has signed a 15,000-sf lease to anchor the redevelopment while Providence, RI-based CVS is adding a 14,000-sf location in the new two-block retail area north of the Ogilvie Transportation Center. Caffe RoM, a European coffee bar by day and wine bar in the afternoon and evening, will occupy 2,900 sf on Canal Street, between Randolph and Washington streets.

The MetraMarket is expected to have restaurants, a newsstand or bookstore and other food businesses such as an ice cream emporium. Developer US Equities Realty is currently in “serious negotiations” with “a number of other” potential tenants. “There have been leases drafted back and forth that we anticipate signing in the next month or so,” Whittington tells GlobeSt.com. “We would be making announcements of those at that time, but one will be a white tablecloth restaurant.”

Ogilvie Transportation Center is visited by 95,000 commuters daily, topped only by nearby Union Station. In addition, the Chicago Transit Authority’s Green Line station at Clinton Street sees 2,260 commuters a day.

The more than $40-million project is reactivating a 95-year-old building bounded by Canal, Clinton, Lake and Washington streets. Although terms of the Bensidoun and CVS deals were not disclosed, asking lease rates for MetraMarket space ranges from $30 per sf to $60 per sf net plus expenses, Whittington says. Construction is expected to take six to nine months, with the first occupancies expected in the late summer or early fall. About 100,000 sf is already being used as a parking garage.

The second phase of the project will be the north block, bounded by Randolph, Lake Canal and Clinton streets. The spaces in the north block are expected to be larger and may contain some “destination oriented retailers,” Whittington says. The second phase is expected to begin in 2008.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.