A Chicago restaurateur has signed a lease to acquire in excess of the former Spectacular Mile cafe space of Bandera, earning a wager on the continued return of crowds to the city’s top searching avenue.
George Archos designs to open a cafe and cocktail bar in the extra than 7,000-sq.-foot room at 535 N. Michigan Ave. in June, he explained to CoStar News.
The Evie Grill, which will provide items these kinds of as sushi, steaks, burgers and seasonal fish, is named for Archos’ 14-calendar year-previous daughter.
It will substitute Bandera, a longtime preferred among the Michigan Avenue buyers, which shut in the early times of COVID-19 in March 2020 and never reopened.
Bandera had 7 yrs left on its lease, Archos reported. He negotiated a new 7-year immediate lease with landlord J.B. Realty to choose above the 2nd-ground place, with two 5-yr extension alternatives, he stated.
Archos owns the Wildberry Cafe local breakfast restaurant chain and Westwood Tavern in Schaumburg, Illinois. Archos, also CEO of Chicago-centered hashish firm Verano Holdings, owns a condominium in the close by Tribune Tower.
“The Evie Grill will be a wonderful place for travellers and locals,” Archos reported. “There actually aren’t that quite a few selections for American typical fare on Michigan Avenue. I utilized to frequent Bandera all the time. Bandera did great there for quite a few many years in advance of closing because of COVID.”
Archos’ restaurant will open up amid a time of flux for the surrounding buying district, which has seen major qualities this kind of as the Drinking water Tower Put vertical shopping mall handed back again to their lenders or or else struggling with money distress.
MetLife is taking into consideration changing higher flooring of the mall to a new use, these kinds of as medical places of work, CoStar News reported in February.
A number of huge, standalone retail structures also have vacancies.
Yet there have been signs of existence for the street, like women’s outfits retailer Aritzia’s takeover of a 46,000-sq.-foot former Gap creating at 555 N. Michigan Ave. in the most significant Magazine Mile lease considering the fact that 2005, and Alo Yoga’s designs to open up a flagship shop in the previous Disney Retail store setting up at 717 N. Michigan Ave.
The longtime operator of the Signature Place restaurant and bar place on the 95th and 96th flooring of the 100-story previous John Hancock Middle are screening the current market, placing that assets up for sale following not long ago securing a very long-term lease renewal.
The Evie Grill’s place is within the retail base of a apartment tower at 535-541 N. Michigan Ave.
Archos explained he thinks shoppers and lodge friends will continue returning in much larger numbers, introducing to other drivers of foot site visitors on and close to the Magazine Mile.
“Michigan Avenue experienced a tough patch a pair a long time back, but Chicago is nonetheless Chicago,” Archos said. “Chicago is however one of the best American metropolitan areas. There’s an office crowd, hospitals, inns, visitors and browsing. I assume it will be Ok.”
The lease was brokered by CBRE’s Todd Siegel, Phil Golding and Kimberly Wiskup.