Does anyone know if this restaurant is open yet?

not yet

What is Fogo de Chao? Haven't heard of it and I'm supposed to be up on these things. Friends always call me on new openings.

Where will it be located?

It is a Brazilian restaurant, all-you-can-eat, with several kinds of beef, pork, lamb, chicken and ribs plus a salad bar. It's quite fun and you leave stuffed so you should go hungry. I've eaten at one in Atlanta and enjoyed it but this is note that this is 'good-eatin' and not 'gourmet dining'. I think that it will be in the River North area.