North Wells Street, the heart of Chicago’s Old Town neighborhood, is getting something new. The City of Chicago has approved the construction of a six-story mixed-use block to be slotted in at 1435 North Wells.
ERECT NEW 6-STORY +BASEMENT, 50 UNIT APARTMENT BUILDING WITH GROUND FLOOR RETAIL, 2 STAIR PENTHOUSE ENCLOSURES & FRONT 2ND FLOOR ROOF DECKS PER PLANS.
The new building replaces Bistrot Margot, one of the city’s few remaining French restaurants. It closed in 2015 and the building was demolished a few months ago.
The developer, New York’s Jenel, bought the old two- and three-story buildings that were at 1435 for $8.5 million last year, according to Crain’s Chicago Business.
Practically across the street, another long-time neighborhood restaurant is yielding to new development. O’Brien’s restaurant at 1528 North Wells has closed temporarily while a new boutique hotel and a clutch of townhomes are constructed in its place.