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.