River North to Get New Hot Spot

February 3, 2010

Daily Real Estate Updates

sudler-sothebys-logo3 February ? For those who enjoy rotisserie chicken grilled over a charcoal fire, there will soon be a new hot spot to enjoy in River North as of March 2010.

In Edgebrook, similar to that of a Brazilian steak house, George Elbekai, (who was the first General Manager of Bob Chinn?s Crabhouse before it closed in 2005) opened Al Primo Canto in 2007 on the Northwest Side, and is planning to open a second location at 749 N. Clark St., formerly Le Lan, a popular upscale French-Vietnamese restaurant that closed last year.

Even though price per square foot is higher in River North, Mr. Elbekai says he does not plan to raise prices. He anticipates that increased liquor sales and heavier traffic will offset the higher operating expenses of the new trendy location. That is…the price of doing business. In real estate the general rule of thumb is location, location, location.

Although River North is home to solid competition, including three Brazilian steak places, Al Primo Canto will offer a broader menu including lamb, steak and pasta dishes and a better value to consumers with its family style, $29.95 per person “all you can eat.” A more cost effective dining option for those cutting back their restaurant spending in this turbulent economy.

According to public notice, Mr. Elbekai plans on assuming the lease of the restaurant and has an agreement to pay more than $112,000 for restaurant fixtures and other Le Lan assets from Midwest Bank & Trust Co., a lender to Le Lan. If all goes as planned, the deal is scheduled to close Monday, and Mr. Elbekai can get busy transforming 749 N. Clark, the newest addition to his family of restaurants.

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About Nancy Gaspadarek

With over nine years in the Chicago real estate market, Nancy continues to enjoy the momentous and exciting process of helping her clients buy and sell homes. Nancy believes that the relationships & friendships that she has developed over the years are priceless. In 2007 she made the decision to partner with Catherine Brennan and the two are collectively known in the industry as The G and B Team. ?It was the best move I could have made?, Nancy says, ?Having a knowledgeable and reliable business partner to counter balance your strengths and have a shared passion to provide top notch service and expertise to all our clients is such a blessing.? Nancy graduated from Florida State University in Tallahassee, where she received a four year scholarship and was the captain of the woman's volleyball team for four years. Nancy has lived in downtown Chicago for over 14-years in a variety of neighborhoods. Her free time is usually spent playing tennis, golf & running/biking along the lakefront. She participated in the 1998 Chicago Marathon and has competed in a number of triathlons as well. She volunteers with The Friends of Blaine School in Lakeview, as well as Umoja Student Development and loves to travel as much as possible. You can contact Nancy at 773.259.9353 or gandbteam.com

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