Possible GI Clybourn closing?!?

Why doesn't John Hall just BUY the building ?
That $38.8 mill, on top of the profits hes received from both brewpubs isn't enough ?

Perhaps he's waiting to buy another building to re-locate the brewpub to...? Hopefully.

 

The entire company was sold for $38.8mm; John Hall did not own the majority of the company.

 

It's a heavily trafficked area even without the brewpub, so it's probably even more overpriced than most real estate in Chicago. It also has attached businesses so he would likely become a landlord as well. Lots of headaches to go along with that (as the brewpub is experiencing).

I guess buildings and properties like this in DeKalb just sit on the shelves, too.

 

If GI is really looking for 30% reduction in rents, its no wonder the land lord is gonna boot them out. The building is in a prime spot and if the last lease was done in 2008, its probably well below market already.

 

+1. It's called negotiation, yo.

 

"In 2008 2013, Goose Island nearly closed the Lincoln Park outlet, before striking a new deal with CRM"

FTFY Micah?

 

Reports are out there it is a done deal. Looks like the brewpub will close in 2014.

http://www.dnainfo.com/chicago/20130620/lincoln-park/goose-islands-lincoln-park-brewpub-close-2014

Hopefully they repopen a brewpub somewhere else if this is true (other than Wrigley).

 

I'm pretty sure this is just GI's way of closing one of their Chicago locations and opening a suburban one without looking like a bad guy. The suburbs are still an somewhat untapped market for a name brew pub. I could see them opening one in Schaumburg, Oakbrook or even Naperville.

 

A GI Spokesperson earlier in the week said the pub would reopen elsewhere if/when negotiations fell through.

 

There would be market for that even without closing Clybourn. But agreed, close your high rent city location since you already have Fulton and Wrigley, and move out and get a cheap space in the burbs and maximize further.

Still not believing this will really happen, maybe holding out hope as the deadline approaches some compromise will be made. And if it does close, Wrigley needs to pick up the slack and offer way more like Clyborn.

 

Copypasta from my post in the News thread:

The landlord is making a very poor decision. For one thing, two-thirds of the building is empty. Beyond just that, there is a moratorium in building new bars in Lincoln Park right now, AND the books say you cannot have a bar within 100 feet of a Daycare/School. Clybourn was grandfathered in to keep the pub where it is.​

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If Siavelis thinks he can turn that property around, he's nuts. GI is a cash cow for him, all he's doing is cutting off his nose to spite his face.​

 

Hey all, we are still working diligently with CRM to settle in a mutually agreed upon lease. No decisions have been made. Thanks for your support.

 

WHERE THE HELL ARE WE GOING TO HAVE STOUTFEST!? *CRYING*

 

Wrigley has banquet rooms upstairs

 

Said on Facebook that a new 10 year lease was signed.

 

Mmmmmmmhmm.

 

Yiiippiiiiiii

 

It was always only about money. Glad they resolved their differences and hugged it out.