Improvements to the Loyola station on the north Red Line — including a new entrance and adjacent plaza — are scheduled to begin in early July, according to a posting on the Loyola University Chicago website.
The plaza entrance will be built on the north side of the station at the former location of a McDonald’s Express and Harris bank branch, demolition for which is imminent. Other CTA improvements include rehabilitation of the viaduct, waterproofing, new windows, and new bike racks. And yes Scooter, a new entrance will be build on the south side on Loyola Avenue. Completion is scheduled for August 2013. The station will remain open during construction.
Here’s the total value of the project, according to Loyola:
This project is valued at over $17 million and is part of Loyola’s agreement to provide direct community benefits within the Devon-Sheridan TIF district. The first $10 million was a federal earmark obtained by Loyola University through Senator Dick Durbin. Loyola University’s land acquisition, tenant relocation, lost revenue and auxiliary resources are valued at $7 million. The CTA’s direct contribution is $2.5 million. And, finally, a Federal Highway Administration grant of $1 million was secured by Loyola for the purposes of building the public plaza.
That’s adds up to $20.5 million for me. Not sure why they say $17 million, unless Loyola is sheepish about the $7 million in lost revenue and total Loyola resources put into the project. If so, they shouldn’t be. This is a great project that will beautify the station and surrounding neighborhood. Also, it eliminates a safety hazard by eliminating the crosswalk adjacent to the north side of the viaduct.
Loyola also plans to build s a new mixed-use, four-story building just north of the station. Owned, developed, and managed directly by Loyola University, this building includes 41 one-bedroom market-rate apartments and four new storefronts.