Saying he wanted to "simplify [his] life so that [he] can devote myself to [his] top two prioritiespublic service as the alderman of the 44th Ward, and Ann Sather restaurants," Chicago Ald. Tom Tunney ( D-44th Ward )who owns the Ann Sather restaurant chainis cashing out of his Lake View land holdings, Crain's Chicago Business reported.
Tunney said he has agreed to sell property he owns on the 900 block of West Belmont Avenue to an entity affiliated with local real-estate investor Tim Glascott. The alderman will net approximately $10 million from the sale of the property, which includes a series of two-story buildings and a large rear parking lot.
Tunney will retain the right to continue to operate the original Ann Sather restaurant at 909 W. Belmont Ave. for a decade under an extended leaseback arrangement. However, after that, the land and adjoining property already owned by Glascott could be redeveloped.
Glascott heads Glassoctt & Associates, which has served the Chicagoland area since 1970, according to its website.
The full article is at www.chicagobusiness.com/greg-hinz-politics/tunney-cashes-out-ann-sather-property.