CHICAGO (CBS) — A historic, but long-shuttered tavern atop a landmark Magnificent Mile hotel could be making a comeback.

WBBM Newsradio’s John Waelti reports, more than just great alliteration, the Tip Top Tap was a fixture atop the Allerton Hotel in the 1940s and 1950s.

While the bar closed in 1961, and the lounge hasn’t been much more than a ballroom that hosts occasional events since then, its sign is still prominently displayed atop the 25-story hotel at 701 N. Michigan Av.

Now Warwick Hotels, which is buying the Allerton, plans to reopen the Tip Top Tap as a high-end tavern.

Warwick hopes to restore the entire Allerton Hotel to its 1920s glory. The Allerton received landmark status in 1999.

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