Monday, April 30, 2012

First Lease Signed in Overton Square

Posted By on Mon, Apr 30, 2012 at 4:33 PM

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Local Gastopub has signed a lease for the old Yosemite Sam's property at the corner of Madison and Cooper in Overton Square. The property will house a second location for the downtown gourmet pub grub eatery.

This marks the first lease signed in the Loeb Properties plan to redevelop historic Overton Square and the second restaurant this month to announce plans for the area. Hot dog and Mexican restaurant Chiwawa recently announced plans to open in the old Chicago Pizza Factory building on Madison.

The 100-year-old building at 2126 Madison housed Yosemite Sam's for 39 years. Said Loeb Properties vice-president of leasing Aaron Petree: “It’s always been one of the gateways to Overton Square, and that will continue with Local."

After Yosemite Sam's closed last August, the property underwent renovations for what Loeb's Tom Hayes called "major structural problems."

"My working concept has been a ‘rebirth’ because the building was at the end of its functional life, but it
had good bones, and given its history, it was worth saving,” said Hayes, vice-president of construction for Loeb Properties.

Loeb Properties plans to invest about $20 million to redevelop Overton Square into a thriving arts & entertainment district.

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