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Chicago Transit Authority (CTA) recently set preliminary contract terms to build a new subway station at Block 37 that ultimately would serve as the main terminal for an express rail service to O’Hare and Midway airports.

"The city’s redevelopment of Block 37 presents a window of opportunity to construct a transit facility with benefits that will extend throughout the CTA’s service area," said CTA President Frank Kruesi in a prepared statement. "By creating a new link between the Orange, Blue and Red lines, this facility will increase the CTA’s flexibility and result in more service options for all rail routes that serve the Loop."

The authority expects to soon set terms with Mill Corp. to finance and develop a the $213.3 million station. Mills Corp. would contribute $40.9 million; CTA and the city of Chicago, the remainder. The authority plans to use $130 million in capital funds and is working with the city to finalize an agreement for the remaining $42.4 million. The public/private partnership would be eligible for low-cost, long-term financing through the U.S. Department of Transportation’s Transportation Infrastructure Finance and Innovation Act.

The station’s construction would be the first phase in developing express train service. Subsequent phases will proceed as funding becomes available.

The project is contingent upon the city of Chicago reaching a formal agreement with Mills to redevelop the site.