Peace in the Valley Again: Goose Island Brewpub Renews Lease

Peace in the Valley Again: Goose Island Brewpub Renews Lease
Goose Island Vintage Ale Glass.

After reports back in June that the original Goose island brewpub on N. Clybourn Ave. might lose its lease, it now seems that GI and its landlord have struck a new deal.

An article posted Monday in Crain's Chicago Real Estate Daily  says CRM Properties Group Ltd. has reached an agreement on a new 10-year lease for the brewpub at 1800 N Clybourn. Eater Chicago reported the deal had been confirmed by Goose Island founder John Hall.

Negotiations erupted into the beer trade in June when Chicago Real Estate Daily reported that negotiations to renew the lease had broken off, with Goose Island seeking incentives and a reduction in rent, while a CRM spokesperson said the property would be vacated. A similar negotiation snag happened at the end of the last lease in 2008.

The CRED article cited  Jeremy Kudan, president at the Chicago restaurant brokerage Kudan Group Inc., who speculated that Goose Island would have to spend too much money to find a large enough space in the same general area for a new brewpub, and CRM would lose more if it had a prime retail property stay closed for the several months it would take GI to remove its equipment and for a new tenant to build out.

The scuttlebutt among beer fans suggested that Goose Island would do well to find a new location, having opened 25 years ago in a former Turtle Wax factory in a run-down commercial district, before the requirements of that new-fangled "brewpub" concept were understood. Ideally, Goose Island could have opened in a larger space to handle oversubscribed events like The Festival of Wood and Barrel Aged Beer (coming up November 16, but sold out in a matter of seconds back in August), or its own Stout Fest in March.

John Hall started the Goose Island Brewpub in 1988. He retained ownership of Clybourn and the Wrigley brewpub at 3535 N Clark St. after selling the brands and the packaging brewery at Fulton to Anheuser-Busch InBev in 2011.

Filed under: Beer Business

Tags: Brewpub, FoBAB, Goose Island

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