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Restaurateur Picks Up Tab for Parking Garage

CHICAGO-Reza Toulabi, who has another restaurant in River North as well as Andersonville, envisions an eatery at 9 W. Kinzie St. as well as an undetermined number of multifamily rental or condominium units.

By Mark Ruda | Updated on August 21, 2002

CHICAGO-Reza Toulabi hopes to serve more than food at 9 W. Kinzie St. The River North and Andersonville restaurateur was the top bidder Wednesday for the four-story valet parking garage at $2.78 million in a sale held by Sheldon Good & Co., Auctions, LLC.

Toulabi hopes to capitalize on current zoning that would allow the building’s 71,283-sf size to be doubled. Besides a restaurant offering 315 parking spaces, he is considering adding multifamily units, either rentals or condominiums, says Sheldon Good & Co. Brokerage, LLC executive managing director Kenneth A. Goldberg. Discussions are underway with 42nd Ward Alderman Burton Natarus, says Goldberg, who represented Toulabi and has been a partner in previous ventures.

Besides a floor area ratio of 12.0 that would allow for a 162,348-sf building, offices and a hotel are among the permitted uses under the current C3-6 zoning in addition to residential units above the first floor.

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