The Vazquez Brothers (TVB) LLC, of Chicago, closed on the sale of the property, located at the corner of 115th Street and Cicero Avenue, on April 21.
The site was offered for auction late last summer.
One of the new owners, Luis Vazquez, said the property is in good condition and only needs minor improvements to bring it up to date. He hopes to have the site fully functional by July.
“It doesn’t make sense,” he said, “to fix what wasn’t broken.”
The purchase price for the property was not disclosed.
The site was put up for auction in September, after the previous owners closed following 45 years of business.
According to Rick Levin and Associates, Inc., which oversaw the auction, the property was previously valued at $12.5 million. The minimum bid was $2 million.
The facility is 26,000 square feet and sits on an 11.5-acre parcel. Vazquez said he could potentially apply to build a hotel on the property.
He and his brother, Carlos, also own a construction company. He has lived in Chicago for about 29 years after moving from Mexico when he was 17.
Vazquez said he will host a job fair soon, as he and his brother are “starting from scratch” regarding staff, and they need to hire general managers and servers.
Vazquez hopes to hire about 40 people.