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CTA Expecting $100M in Commercial Development

CHICAGO-The Chicago Transit Authority has signed a five-year contract with Jones Lang LaSalle to increase concessions and retailers at stations.

By Gina Kenny | Updated on July 22, 2008

CHICAGO-The Chicago Transit Authority has hired Jones Lang LaSalle, based here, to increase revenue for the transit authority by adding concessions and retail to some station locations, as well as possibly redeveloping other stations and CTA-owned property. The term of the $4.2 million contract is five years.

Jones Lang LaSalle will focus on securing concessions and retailers at CTA stations, transit-oriented redevelopments of CTA properties and serving as the transit authority’s real estate broker, says Kurt Little, managing director for Jones Lang LaSalle. The CTA generated more than $6 million in revenue, in 2007, from CTA-owned property, including retail concessions, parking fees and office space. The CTA is hoping to earn as much as $100 million during the term of Jones Lang LaSalle’s contract from CTA-owned property. “Revenue generation is key as well as improving the concessions/retail product mix,” Little says.

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