LOGAN SQUARE — Two Way Lounge, known for its unpretentious vibes, cheap drinks and dual entrances, is undergoing negotiations to be sold.
Nothing is final, but the owner of Furious Spoon is evaluating a deal to buy the dive.
The Two Way, 2412 N. Milwaukee Ave., is one of Logan Square's longest-running late-night bars and one of the last of its kind in a neighborhood full of $10-plus cocktails.
Anshul Mangal, co-owner of Furious Spoon, said he is strongly considering the deal because he is in the process of opening his second Furious Spoon location directly next door to the Two Way.
"We are taking a look at if can we handle everything," Mangal said. "It would be great. It's just the cash. To purchase and renovate the space would be expensive."
The bar has been passed down through two generations since current owner Glenn Miller's mother opened the bar around 1967, according to manager Shawn Brennan.
"It's a family kind of thing," Brennan said of the bar.
The Two Way is one of the last dives in the area.
"There's only this one and Bob Inn," Brennan said. "Other than that, they are themed."
The long-time staple of the bar said the hope is that the new ownership, if the deal goes through, keeps the general vibe of the place.
"Everyone's afraid they are going to make it a cookie-cutter bar," Brennan said. "... We've got 20 of those a block away."
The Two Way was listed for sale July 17, 2014, and as of last year had five years left on its lease, according to a realtor at the time.
Brennan, a loyal long-time employee who served as the officiant when Miller got married, said his 73-year-old boss is tired and plans to retire when the bar sells.
Brennan, who has been working at the bar for 18 years, called the sale an "end-of-an-era kind of thing."
As for the possible new owner, the purchase would mean owning two neighboring businesses at the corner of Fullerton and Milwaukee avenues.
"We are definitely considering, it being next to our space," Mangal said. "We have had conversations with ownership."
Mangal said he is evaluating the situation.
When asked if it was a done deal, he said he honestly had no idea.
"In any of these restaurant type negotiations and evaluations it can seem likely and then fell apart," Mangal said.
Mangal took over the former El Charro restaurant on the corner in October and plans to open a Furious Spoon ramen shop there in June.
El Charro had been in operation for 30 years.
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