I remember reading last year about how there are only two transit systems in the world that actually operate in the black. Unfortunately, I can't figure out where that article is now, so I'm not sure which cities they are. I believe they are Tokyo and Hong Kong.
Fortunately, the identity of the cities is not important. The way they pay for their public transit is. Two words: real estate.
The model works thusly: The transit system owns plenty of the land within walking distance of its train stations, develops said land into apartments, condos, offices and retail, then pumps most of the profits back into the transit system. It's a self-perpetuating cycle. The transit attracts the development, the development then attracts more riders to the transit.
Chicago would do well to copy this strategy wherever possible. Obviously the CTA doesn't own much land near its stations, but some properties must be ripe for the building. The empty lot next to where the CTA is going to build the new Paulina station would be an excellent place for a new restaurant with offices above it. If they soundproof the building well enough they could even build apartments.
And the CTA isn't the only agency that could take advantage of this. I walk by METRA's Ogilvie Transportation Center every day on the way to work. It takes up a few city blocks in the West Loop, which is supposedly growing. How hard would it be to build a new office tower on top of the train station? Perhaps even condos and/or a hotel above the offices, with a great view of the skyline and the Chicago river.
Dunkin Donuts stands in the subway just aren't going to cut it. Even Chicago can eat only so many Boston Creams.
This is a city that reversed the course of a river just because it could. Plus, Chicago is known for its innovative architecture, and this would be an excellent challenge to some of the city's best firms.
And it would keep my 30 day passes from jumping to $84 a month.
Fortunately, the identity of the cities is not important. The way they pay for their public transit is. Two words: real estate.
The model works thusly: The transit system owns plenty of the land within walking distance of its train stations, develops said land into apartments, condos, offices and retail, then pumps most of the profits back into the transit system. It's a self-perpetuating cycle. The transit attracts the development, the development then attracts more riders to the transit.
Chicago would do well to copy this strategy wherever possible. Obviously the CTA doesn't own much land near its stations, but some properties must be ripe for the building. The empty lot next to where the CTA is going to build the new Paulina station would be an excellent place for a new restaurant with offices above it. If they soundproof the building well enough they could even build apartments.
And the CTA isn't the only agency that could take advantage of this. I walk by METRA's Ogilvie Transportation Center every day on the way to work. It takes up a few city blocks in the West Loop, which is supposedly growing. How hard would it be to build a new office tower on top of the train station? Perhaps even condos and/or a hotel above the offices, with a great view of the skyline and the Chicago river.
Dunkin Donuts stands in the subway just aren't going to cut it. Even Chicago can eat only so many Boston Creams.
This is a city that reversed the course of a river just because it could. Plus, Chicago is known for its innovative architecture, and this would be an excellent challenge to some of the city's best firms.
And it would keep my 30 day passes from jumping to $84 a month.
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