According to Crain’s, a new bar called Sweetwater Tavern & Grille will open at the old Bennigan’s site, at 225 N. Michigan Ave., in September. Bottleneck Management LLC, which also owns The Boundary in Wicker Park and Trace in Wrigleyville, is leasing the 7,500-square-foot space.

The group cited a soft economy for creating a manageable price for their 10-year lease, and the location should prove rather fruitful for them. Despite Michigan Avenue being arguably the busiest street in the city, there are rather few dining/drinking options along that stretch. Just the foot traffic alone should be enough to keep the place filled.

Incidentally, Bennigan’s 150 S. Michigan location re-opened around the new year and is in the process of unveiling a number of new menu items (the menu will launch April 27).