Former player Michael Jordan of the Chicago Bulls addresses the crowd during a 20th anniversary recognition ceremony of the Bulls 1st NBA Championship in 1991 during half-time of a game bewteen the Bulls and the Utah Jazz at the United Center on March 12, 2011 in Chicago.

*Michael Jordan is set to open a new steak house in Chicago, some 12 years since his last restaurant in the city closed due to a legal dispute, reports the Huffington Post.

The 48-year-old will open the new restaurant at the InterContinental Hotel on Michigan Avenue after they chose to replace their current second-floor eatery Zest.

Jordan is likely to face stiff competition from established Chicago steak houses such as Morton’s and Rosebud but the basketball star’s popularity in the city is likely to draw in the diners. Richard Moreau, an executive at the company that owns InterContinental, said, “With the Michael Jordan name in Chicago and the hotel on North Michigan Ave., it’s a perfect match.”

Jordan already owns two steakhouses, in New York’s Grand Central Terminal and at the Mohegan Sun Casino in Connecticut.

In June 2010, the NBA icon was ranked as the 20th most power celebrity in the world by Forbes Magazine. He reportedly earned $55 million between June 2009 and June 2010.