Building with Carmine’s in Chicago hits market for third time in 10 years

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.

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