Does anyone else remember the dank, drab, dreary "L" station that used to sit at North and Clybourn on the CTA's Red Line?
Well that's in the past, as the gentrification is now complete with Friday's announcement the CTA was granting its first-ever Starbucks lease for a space that's not even 1,000 square feet at the North-Clybourn station.
From the CTA press release:
A total of 32 bids were received for the 776-square-foot location at 1599 N. Clybourn Avenue. Starbucks submitted the highest bid per square foot for the 10-year lease, with options to extend the agreement after the initial term. Annual rent for the first five years is projected at $75,000 per year with 10% increases at year six and at the beginning of the first and second year options. The third and fourth option terms will be determined by appraisal. The total 10-year base term lease is projected to generate $787,500.
Of course, the gentrification in that corridor has been happening for many years, with businesses such Crate and Barrel, the Container Store, and especially the Apple Store opening there. Apple funded the $4 million remake of the station house. And now Apple customers can get their lattes in the station before shopping at the Apple store.
CTA adjusts parking rates
Also on Friday, the CTA board changed some parking rates at its eight of its Park and Ride lots, depending on how busy the lots have been.
Rates were decreased by $2 to a $2 daily rate at Garfield, Ashland and 63rd, 54th and Cermak, and 48th and Kedzie.
Rates were increased by $1 to $5 a day at Halsted and Archer, 35th and Archer, 51st and Pulaski, and Kimball and Lawrence.
These rates will charged beginning May 1.