French market planned for commuter station
Commuters at Metra's Ogilvie station suffering from ennui will soon be filled with joie de vivre as construction gets under way on a long-delayed French market.
Groundbreaking is set for Thursday, developers with U.S. Equities Realty said Friday during a Metra board meeting.
"This is a project that's close to my heart," company founder Robert Winslow told Metra directors, explaining he took inspiration from unique spots such a Pike Place Market in Seattle."My personal passion is markets. I wanted to do the first authentic covered French market in the United States."
The retail center dubbed MetraMarket will generate between $38 million and $40 million over 25 years for Metra as part of a deal with U.S. Equities to share revenues from tenant leases. Initially, the developer will pay Metra $200,000 annual rent and that amount will increase to $500,000 in six years.
Metra first agreed to lease the basement space for 99 years to U.S. Equities in 2001. But the terrorist attacks of Sept. 11, 2001, the credit crunch and faltering economy delayed the project.
Now businesses are lining up, Winslow said. Anchor tenants include: Bensidoun USA, a family-owned French company that operates markets in Europe and America, including one in Wheaton; CVS Pharmacy and Caffé Rom, a lunch cafe and wine bar.
"This project will get the lunch businesses and the dinner businesses as well, that's a very rare," combination," Winslow said.
"The enthusiasm you bring to this project is refreshing," Metra Director and Arlington Heights Mayor Arlene Mulder told him.
The pharmacy is expected to open next August and Caffé Rom in early fall. All three facilities will be located south of Randolph Street. The second phase of the development, north of Randolph will be completed later and likely would include parking and large retailers.
The 15,000-square-foot French market will include fresh produce, flowers, fish and butcher shops, bakeries and cheese merchants. In addition to 105,000 daily commuters, about 482,000 people work and 41,000 people live within 1 mile of the station.
The retail center is located under the Metra rail tracks in the Ogilvie Transportation Center, which is bordered by Lake, Randolph, Clinton and Canals streets and intersected by Randolph Street.
Metra initially bought the property for $5 million from the Chicago and North Western Railway and it was formerly known as Northwestern Station. The railway is expected to undertake $6 million in repairs to the station's infrastructure.
U.S. Equities will spend about $45 million on improvements and receive $12 million in funding help through a Chicago tax increment finance district.