Committee approves six‑month rent abatement and six‑month lease extension for Chicago Market at Gerber Building

The Chicago Transit Authority’s finance committee on Aug. 13 reviewed and placed on the omnibus for board approval an ordinance authorizing a second amendment to a concession lease with Chicago Cooperative, doing business as Chicago Market, for the Gerber Building adjacent to Wilson Station.

Under the amendment described to the committee, Chicago Market would receive a six‑month rent abatement covering July 1–Dec. 31, 2025. To keep the total contract consideration unchanged, the amendment would extend the lease for an additional six months so the aggregate lease payments are not reduced. Staff told the committee the Gerber Building’s interior remains unfinished and that Chicago Market has encountered higher construction costs than anticipated; the abatement is intended to give the cooperative time to assemble additional capital to complete tenant improvements.

Staff said Chicago Market was current on rent through June 30, 2025, and that the project has local community support and ongoing outreach aimed at securing additional public and private financing. Committee members urged continued advocacy for resources that support small businesses and reminded staff of prior state proposals to fund transit‑adjacent economic development that did not advance in Springfield.

The committee moved to place the ordinance on the omnibus for the full board; the motion was moved by Director Eady and seconded by Director Lee and passed by roll call. The item will appear on the omnibus package forwarded to the full Chicago Transit Board.