Lake Street Elevated Railroad
| Company type | Private |
|---|---|
| Industry | Rapid transit |
| Predecessor | Lake Street Elevated Railway Company |
| Founded | February 7, 1888 |
| Headquarters | Chicago , United States |
Area served | Chicago, Illinois |
| Products | Elevated rapid transit line |
The Lake Street Elevated Railroad represents the second enduring elevated rapid transit line established in Chicago, Illinois. Its inaugural segment commenced operations in November 1893. Today, this route continues to serve as a component of the Green Line within the Chicago "L" network.
History
Chartered on February 7, 1888, the Lake Street Elevated Railway Company was granted a 25-year franchise to construct an elevated rail line above Lake Street, stretching from Canal Street to the city boundary. Although there were initial intentions to implement Joe Meigs' steam monorail design from Cambridge, Massachusetts, the enterprise eventually chose to employ conventional steam locomotives.
Construction started in 1889; nevertheless, early investors deemed the original franchise terms too limiting. Consequently, in November 1890, the city council approved a new 40-year franchise that permitted an extension reaching Market Street in downtown Chicago. By 1892, the company had accumulated $17 million in debt (adjusted equivalent not specified). This financial strain led to a change in ownership, a rebranding as the Lake Street Elevated Railroad Company, and the acquisition of a fresh charter on August 24, 1892.
The first operational segment opened in October 1893, running from Market and Madison streets to California Avenue. By April 1894, the line was extended westward to 52nd Avenue (Laramie), covering a distance of . Further expansion brought service to Austin Avenue in the suburb of Austin via at-grade tracks by April 1899.