The Gold Coast property that houses Carmine’s Bar and Lounge is back on the market for the third time in 10 years.
The Marienthal family, which owns the two-story property at 1043 N Rush Street, is seeking investors and buyers betting on a post-Covid in downtown Chicago, Crain’s Chicago Business reported. It’s listed at $25 million, almost six years after the Marienthals weren’t able to complete a sale after listing it for $30 million. Jones Lang LaSalle is handling the marketing.
The buyer will have the option of demolishing the property and replacing it with a new development. Zoning would allow more than 85,000 square feet that could become retail space, a hotel or a residential building with apartments or condos.
Carmine’s opened the location in 1994 and has almost three years left on its lease. JLL says al buyer would have some short-term income from the restaurant that could help bolster the redevelopment budget.
Back in 2012, the Marienthal family had a deal in the works to sell the property for $18 million to a group of investors that included the owner of Carmine’s. The sale fizzled after a lawsuit was filed against the owner, which was later dismissed,
The Marienthals included brothers Oscar and George, who ran Mister Kelly’s nightclub in the 1950s and 1960s in a building across the street from the property. That location now houses Gibsons Bar and Steakhouse.
Read more
Commercial
Chicago
Chicago Plan Commission approves 29-story mixed-use development
[Crains Chicago Business] — Victoria Pruitt