chicago-condos & Chicago Real Estate pcherry on 26 Feb 2009 05:10 pm

Charlie Trotter Checks Out of Elysian Restaurant Deal

February 26, 2009 - The Elysian Hotel and Private Residences may be topped off and scheduled to open sometime at the end of May or early in June, but unless the developer can book another famous chef, guests and residents may miss a few meals. Charlie Trotter has decided to drop plans to open a restaurant in the 62 story luxury condo hotel, and the decision was a mutual agreement, according to an article in Crain’s.

The announcement in 2006 that Trotter would open his second Chicago restaurant in the Elysian gave a definite boost to the development’s reputation. The tower, located at 11 E Walton, widely advertised the agreement with Trotter, and having a chef who already owns other 5 star restaurants take up retail space in a hotel is good for business. With hotel vacancies on the rise as the economy forces travelers to scale back, the Elysian will most likely need to fill the restaurant vacancy as soon as possible.

When complete, the Elysian will contain 52 Chicago condos and 188 hotel condos. According to stats from Appraisal Research Counselors, about 43 of the 52 condos are under contract and 130 of the 188 hotel suits have been sold. Besides the space allotted for the restaurant, there is an additional 6,600 square feet of retail in this Chicago real estate development. Of that, a high-end clothing and hand bag boutique by designer Marc Jacobs will take up about 2,700 square feet.

If you can live without a 5 star restaurant in your building, there are several great Chicago Luxury Condos available right now, many with buyer incentives and reduced pricing.

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