The Chicago Transit Board today approved a lease to open a Dunkin’ Donuts store in the Central Street CTA station on the Purple Line in Evanston.
The lease is with 2nd Gen. Inc., owned by Chetan Jani. The same firm was also approved to add a Dunkin’ Donuts to the Ashland station on the Orange Line.
“With the addition of these new leases, CTA has now signed agreements for five businesses in the last two months at available concession spaces,” said CTA President Forrest Claypool. “These agreements will provide additional revenue for CTA and improve the convenience of transit for riders.”
Each lease agreement is for ten years and is expected to generate a combined $288,165 over the life of the contracts.
CTA officials say the rents for the concession spaces are in line with market value for similar properties in each area.
Last March the CTA amended its purchase and sales regulations with real estate consultant Jones Lang LaSalle to broker leases of available CTA retail concession properties on the open market rather than soliciting request for proposals from potential tenants.
The change allowed for lease practices more in line with the private sector.
The concession space at Central Street has been vacant for several years.