A Chicago restaurateur has signed a lease to take over the former Magnificent Mile restaurant space of Bandera, making a bet on the continued return of crowds to the city’s top shopping avenue.
George Archos plans to open a restaurant and cocktail bar in the more than 7,000-square-foot space at 535 N. Michigan Ave. in June, he told CoStar News.
The Evie Grill, which will serve items such as sushi, steaks, burgers and seasonal fish, is named for Archos’ 14-year-old daughter.
It will replace Bandera, a longtime favorite among Michigan Avenue shoppers, which closed in the early days of COVID-19 in March 2020 and never reopened.
Bandera had seven years left on its lease, Archos said. He negotiated a new seven-year direct lease with landlord J.B. Realty to take over the second-floor space, with two five-year extension options, he said.
Archos owns the Wildberry Cafe local breakfast restaurant chain and Westwood Tavern in Schaumburg, Illinois. Archos, also CEO of Chicago-based cannabis company Verano Holdings, owns a condominium in the nearby Tribune Tower.
“The Evie Grill will be a nice place for tourists and locals,” Archos said. “There really aren’t that many options for American classic fare on Michigan Avenue. I used to frequent Bandera all the time. Bandera did great there for many years before closing because of COVID.”
Archos’ restaurant will open amid a time of flux for the surrounding shopping district, which has seen major properties such as the Water Tower Place vertical mall handed back to their lenders or otherwise facing financial distress.
MetLife is considering converting upper floors of the mall to a new use, such as medical offices, CoStar News reported in February.
A few large, standalone retail buildings also have vacancies.
Yet there have been signs of life for the street, including women’s clothing retailer Aritzia’s takeover of a 46,000-square-foot former Gap building at 555 N. Michigan Ave. in the largest Mag Mile lease since 2005, and Alo Yoga’s plans to open a flagship store in the former Disney Store building at 717 N. Michigan Ave.
The longtime owner of the Signature Room restaurant and bar space on the 95th and 96th floors of the 100-story former John Hancock Center are testing the market, putting that property up for sale after recently securing a long-term lease renewal.
The Evie Grill’s space is within the retail base of a condo tower at 535-541 N. Michigan Ave.
Archos said he believes shoppers and hotel guests will continue returning in larger numbers, adding to other drivers of foot traffic on and around the Mag Mile.
“Michigan Avenue had a rough patch a couple years ago, but Chicago is still Chicago,” Archos said. “Chicago is still one of the greatest American cities. There’s an office crowd, hospitals, hotels, tourists and shopping. I think it will be OK.”
For the Record
The lease was brokered by CBRE’s Todd Siegel, Phil Golding and Kimberly Wiskup.