{"id":79363,"date":"2020-07-16T15:04:10","date_gmt":"2020-07-16T20:04:10","guid":{"rendered":"https:\/\/urbanmatter.com\/chicago\/?p=79363"},"modified":"2020-07-16T15:05:30","modified_gmt":"2020-07-16T20:05:30","slug":"cite-one-of-chicagos-best-views-is-for-sale","status":"publish","type":"post","link":"https:\/\/urbanmatter.com\/chicago\/cite-one-of-chicagos-best-views-is-for-sale\/","title":{"rendered":"Cit\u00e9, One of Chicago\u2019s Best Views, is for Sale"},"content":{"rendered":"

Cit\u00e9, one of the highest-altitude restaurants in Chicago (and arguably one of the best views), is now up for sale. This opportunity is a lucrative one for a resident or a restaurant, considering that this space sits on top of the only high-rise that\u2019s east of Lake Shore Drive.<\/span><\/p>\n

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Photo Credit: Cite\u0301 Yelp Page<\/figcaption><\/figure>\n

Sitting in a circular space on the 70th floor of Lake Point Tower, Cit\u00e9 has been in operation at its current location for decades. Broker Rick Scardino, who represents restaurant owner Evangeline Gouletas for the sale. <\/span>In a statement to the Chicago Tribune<\/span><\/a>, Scardino said that part of the attraction of Cit\u00e9\u2019s location is that \u201cIt\u2019s the only commercial building east of Lake Shore Drive, with a 360-degree view of the city.\u201d He also noted that \u201cThe term \u2018once-in-a-lifetime\u2019 is overused in my industry, but one can make the argument that this truly is a once-in-a-lifetime opportunity.\u201d<\/span><\/p>\n

With Scardino declining to estimate the value of the space and with a lack of a list price, it\u2019s hard to say exactly what the space is going for, but for how treasured of a space it\u2019s in, offers in the millions would certainly not be out of the question. Part of the reason Cit\u00e9\u2019s space is so tantalizing is the utility in the space itself. If the space is to stay a restaurant, a new restaurant operator could also buy the open space from the building\u2019s condo association and turn the roof atop the 69th floor of Lake Point Tower into outdoor seating.<\/span><\/p>\n

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Photo Credit: Lake Point Tower Flickr Page<\/figcaption><\/figure>\n

Lake Point Tower, with its unique status as the only high-rise east of Lake Shore Drive, has panoramic views of the lake as well as the skyline. Designed by George Schipporeit and John Heinrich, architects who were students of Ludwig Mies van der Rohe at the Illinois Institute of Technology, the building initially opened just as apartments in 1968 until the entire structure was completed in 1969. American Invsco, the Gouletas family\u2019s development firm, converted the building into condo units in the late 80\u2019s. As of today, there are about 758 homes sitting inside Lake Point Tower.<\/span><\/p>\n

\n
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Photo Credit: Shore Club<\/figcaption><\/figure>\n

View Where To Get Boozy Slushies in Chicago<\/h4>\n

Want to take your slushie game to new heights? View our list on where to get boozy slushies in the city.<\/p>\n

View Where To Get Boozy Slushies in Chicago<\/a><\/p>\n

\n

\u201cIt\u2019s been in the works for a period of time,\u201d Scardino said about the sale, dissuading any beliefs that the selling of Cit\u00e9\u2019s space is a result of the economic hit the restaurant industry has taken from the ongoing coronavirus pandemic. \u201cThis is really the last of the owner\u2019s holdings in this market.\u201d<\/span><\/p>\n

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Photo Credit: Cite\u0301 Yelp Page<\/figcaption><\/figure>\n

Along with the 4,706 square feet of Cit\u00e9 on the 70th floor, another space of roughly 3,000 square feet is included for sale on the building\u2019s second floor. The second floor includes a kitchen, office, and storage space, but could also be sold separately. Cit\u00e9 is currently opened at a limited capacity under the state\u2019s reopening plan and will be in operation until the space is sold.<\/span><\/p>\n

At UrbanMatter, U Matter. And we think this matters.<\/p>\n

Tell us what you think matters in your neighborhood and what we should write about next in the comments below!<\/span><\/p>\n

Featured Image Credit: Cite\u0301 Yelp Page<\/em><\/p>\n

 <\/p>\n

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Cit\u00e9, one of the highest-altitude restaurants in Chicago (and arguably one of the best views), is now up for sale. 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