The southwest corner of State and Elm has been a construction site since late summer. The two-story building where Lou Malnati's ran its Gold Coast flagship is either down or nearly down, depending on which September report you read. The vacant former Barnes & Noble next to it shares the same fate. Four blocks northeast, on Oak Street, two storefronts are getting ready for new tenants. One is a historic theater that has had no restaurant since the summer of 2023.

In nearly every case, a building owner made a decision about a property, and the change on the street followed. That explains why this year's departures came with exact dates while the openings still come with seasons and "coming soon."

State and Elm Ran on the Owner's Schedule

The closing at 1120 N. State St. had nothing to do with whether the restaurant was busy. Time Out Chicago reported that Convexity Properties bought the buildings at 1120 and 1130 N. State in September 2025 for $39 million. Because the new owner planned to redevelop the site, it declined to renew the Lou Malnati's lease. The pizzeria had spent 15 years on that corner, and its final day was Tuesday, June 30, 2026.

The company described the closing as a pause. Time Out quoted CEO Julie Younglove-Webb in the company's announcement:

"It is unfortunate that we must temporarily close our dine-in and carryout service in that area."

According to the same report, the kitchen team moved to a temporary space so it could keep delivering to the Gold Coast. The company is looking at several sites for a full-service replacement on the Near North Side, and one option is a space in the new building going up on the old site. No public address has been announced for the temporary kitchen, and no tenant has been confirmed for the new building's retail space. Back in December 2025, Block Club Chicago reported that Lou's wanted to stay nearby and was talking with the developer, but nothing had been finalized.

The construction schedule has kept moving since the doors closed. Chicago YIMBY reported that demolition permits were issued August 4. By September 3, Urbanize Chicago reported that a caissons-and-foundation permit had been issued, so W.E. O'Neil could begin work. No official groundbreaking date had been announced. A day later, Chicago YIMBY reported a $162 million loan for the project and said vertical construction was expected to start this fall.

The building itself has already changed once. The plan the city approved in 2021 came from Newcastle Limited, with a design by SCB, and called for a 345-foot tower with 304 residences. Convexity's revised plan, designed by Goettsch Partners, is shorter. Urbanize Chicago describes it as follows:

• 28 stories and 312 feet tall
• About 307 units
• About 24,000 square feet of retail
• 132 parking spaces and 180 bike parking spaces
• Eight affordable units on site, plus a $4.5 million in-lieu fee covering the remaining 23 required units

On the street, the residential lobby will face Elm. Retail will line State and wrap around onto Elm. Completion is targeted for spring 2028. That puts the corner roughly a year and a half into construction from today.

Oak Street Is Being Refilled by Its Owners, Too

The same pattern is playing out on Oak Street, where buildings are getting ready for tenants instead of coming down.

At 40 E. Oak St., a 20-story apartment building owned by Berger Realty Group, the Swedish fashion label Toteme has leased 1,100 square feet on the ground floor for its first Chicago-area store. The Real Deal reported on October 9, citing Crain's Chicago Business, that build-out was expected to begin the following week. Move-in and opening dates had not been announced. The owner's work came first. Berger told Crain's it had recently upgraded the building's stone facade, front doors and main canopy. Golden Goose, which shares the ground floor, has also redesigned its storefront.

Toteme takes the space Christofle used to occupy. The silverware boutique did not leave the neighborhood. It moved to the ground floor of the Drake, and Christofle's own store listing now gives its address as 140 East Walton Place.

Down the block, the old Esquire Theatre at 58 E. Oak St. has been without a restaurant for more than three years. Eater Chicago reported that Esquire by Cooper's Hawk served its final meal on Monday, July 17, 2023. The new tenant is Esquire, a Japanese-influenced steakhouse from M Street Collective. Eater's fall preview describes it this way:

• 265 seats across multiple levels
• A wagyu program, plus sushi, caviar and seafood prepared with fish-aging techniques
• The multistory, 5,000-bottle wine tower left behind by Cooper's Hawk
• A retractable glass window overlooking Oak Street
• ŌakSho, a private club with a 12-seat omakase

The wine tower is the clearest example of a building carrying something from one tenant to the next. Cooper's Hawk built it, and Esquire is keeping it.

Firm Dates and Soft Ones

Every step that depended on an owner, a permit office or a lender is dated. The openings still wait on tenants finishing their build-outs, and none of them has a date yet.

Esquire's own website still reads "COMING Soon 2026." It lists inquiry and careers links but no reservation link. Until a booking calendar goes live, late fall is a target, not a reservation date.

The rooftop at 15 E. Oak shows how quickly an opening date can firm up once it's announced. ARLA, a Mediterranean-Japanese restaurant with two terraces overlooking Oak, Rush and Mariano Park, opened June 18. Block Club Chicago covered it less than two weeks earlier. It is now the established spot that the Oak Street newcomers will open next to.

The Dates You Can Actually Plan Around

While the storefronts wait, the neighborhood calendar is fixed:

1. Oct. 19: The Gold Coast Neighbors Association holds its annual meeting at 6:30 p.m. It is open to members only.
2. Oct. 25: The association's Ghouly Park Halloween takes place at Goudy Park.
3. Through Nov. 1: Fall Fest continues at Lincoln Park Zoo, with a pumpkin patch, pumpkin carving and live music, according to Choose Chicago's event guide.
4. Nov. 21: The Wintrust Magnificent Mile Lights Festival parade starts at Oak Street and Michigan Avenue, heads south on Michigan and ends with fireworks at the river.

Oak Street Beach is off the list for now. The Chicago Park District's page lists the facility as closed and gives no reopening date.

Over the next several weeks, the State and Elm corner should move from foundation work toward the vertical construction YIMBY projected for this fall. Toteme's build-out should be underway at 40 E. Oak. Esquire's reservation link, once it appears on its site, will be the first firm sign that the theater is coming back.

Development projects like 7 W. Elm shape what the Gold Coast's corners look like for years. Property Consultants Realty works from a development background through Senco Properties and follows these projects from permit to completion. If you own near State and Elm or along Oak Street and want to know how this round of construction and leasing could affect your building's value, request a free neighborhood consultation and market valuation.