RETAIL IN THE L
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|Nineteen new retail spaces totaling 16,500 SF are ready to be leased at L stations throughout the neighborhoods, JLL announced yesterday. The spaces range from just 80 SF (guess what that is, then find out below) to 8,775 SF and almost every line has one.The other good news is that the CTA Board has passed an ordinance allowing JLL to eliminate the RFP process, so space is now leased on the open market like any other space in the city, JLL's Kurt Littletells us. The CTA spaces have already gotten a lot of interest from Starbucks and Dunkin' Donuts. Some are in newly revamped stations, like this Red, Brown and Purple line stop at Fullerton, which will house a 364 SF store. Kurt expects the retail spaces get about the same rents as typical Chicago retail, depending on theneighborhood.|
|So what about those tiny spaces like the 88 SF at the Wellington Brown Line stop? Those will most likely be for upscale vending machines that dispense items like iPods, Kurt says. (We're already fans of the People Magazine vending machines.) Kurt expects the spaces will go fast, with some retailers signing as early as this month and shops starting to open by the end of 2011. The largest two spaces (8,775 SF and 2,432 SF) are at the Wilson Red Line.|