Feb. 20--With so many steakhouse openings over the past year, it's rare to hear about one shutting down, especially a 15-year veteran of the scene.
As first reported by Crain's Chicago, Phil Stefani's 437 Rush plans to close by the end of the month. But the restaurant group behind the steakhouse staple, Phil Stefani Signature Restaurants, may not be finished in the building just yet.
As is often the case with restaurants with prime locations -- and Phil's has an impressive one, just steps from Michigan Avenue -- it all comes down to the terms of the lease; Stefani, who says he previously had a "very attractive" 15-year lease, is still trying to work out a deal that makes financial sense for his group, he says.
"Most of our restaurants have had longevity," he says. "We're not an organization that opens and closes restaurants every two years."
But even if a deal is made, Stefani plans to try a new concept for the location. He says that the new plan is all drawn up, but declined to share details right now.
In the meantime, his restaurant group is the midst of an opening spree. MAD Social opened recently in the West Loop, and The Flamingo Rum Club, a Cuban-inspired cocktail bar, is set to open in River North soon -- and, Stefani reveals, there's another concept in the works, too. Once again, he's keeping tight-lipped about the details, saying only that an announcement should be made in the next couple weeks.
nkindelsperger@tribpub.com
Twitter @nickdk
