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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."