REJournals

Lawrence House to open its doors after multimillion-dollar renovation

Uptown’s historic Lawrence House, which serves upscale housing to the arts and entertainment district at 1020 W. Lawrence Ave., will open its doors June 16 after an extensive renovation process that began in 2013. Crain’s reported last year that the project was totaled at $15 million Read More…

Curbed

River North Rental Project Shows Early Signs of Life

Last summer, Cedar Street Co. announced plans to acquire 676 N LaSalle for $12 million and convert the vintage structure into a new FLATS-branded micro-apartment development. Though the project has since changed to non-micro units, the site is showing promising signs this week with the presence of soil testing equipment at the southwest corner of Huron and LaSalle.
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Splash Chicago

A TRIBUTE TO JAY MICHAEL

Jay Michael was a man with impeccable style and dazzling wit, equally at home holding court at Hermès (where every staffer knew him) as a Vietnamese restaurant in Uptown (which he delighted in introducing to his downtown friends). He was an open book — or more literally, an open blog.
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Bisnow

JAY MICHAEL’S LEGACY

The tributes continue to pour in for Cedar St co-founder Jay Michael, who died last Friday after a year-long battle with non-Hodgkin lymphoma at age 34. Cedar St co-founder Alex Samoylovich, who was friends with Jay dating back to their childhood days in Skokie, says Jay was a visionary who only saw possibility and was steadfast in bringing his ideas to life.

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Curbed Chicago

Glassy Addition Planned for River North Apartment Proposal

Cedar Street Companies, one of the city’s busiest developers, is looking to add a glassy new addition to a River North office building that it acquired last year. This week, a rendering of what appears to be a seven-story addition planned for the vintage building at 676 N. LaSalle surfaced on the development-watching forum skyscraperpage.com.
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Curbed Chicago

Historic Bush Temple of Music to Get 15-Story Tower Addition

This week’s Chicago Plan Commission was an important one as several major proposals were presented, including the redevelopment of the historic Bush Temple of Music and a 15-story tower that would be attached to it. Developer Cedar St. Cos. acquired the building in 2014 and announced last year that it would be transforming the former piano factory into a mixed-use residential and retail project.

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DNAinfo

Baker and Nosh Cafe To Take Over Former El Norte on Ridge Avenue

EDGEWATER — Uptown’s quaint Baker and Nosh cafe and restaurant is soon to fill the store at 5600 N. Ridge Ave. in Edgewater left behind by El Norte, a representative for the property confirmed Tuesday.

The neighborhood restaurant offers homemade breads, soups and teas, along with the options for outdoor seating during warmer months and a BYOB policy.
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DNAinfo

Look Inside Wicker Park Apartments Untouched Since 70s

WICKER PARK — The manager of a vintage-inspired camera shop on Milwaukee Avenue that’s located at the base of an apartment building untouched since the 1970s got a peek into the structure’s history on Thursday.

The apartments have mustard green and white doors, with wallpaper adorned with roses, according to images posted to Piper Robbins’ Instagram.

“It feels almost like someone was getting ready to go to work one day, but never came back home,” said Piper Robbins, owner of the Emulsion Gallery and Lomography Embassy Store, 1422 N. Milwaukee Ave.
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Crain’s Chicago

Apartments coming to Salvation Army site on West Side

One of the busiest apartment developers in the city is cooking up another deal on a Salvation Army property in West Town.

Chicago-based Cedar Street has agreed to buy the property at Ashland Avenue and Monroe Street, where it plans a mix of apartments and retail space, Cedar Street Managing Partner Alex Samoylovich confirmed.

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Curbed Chicago

Cedar Street Closes on Historic Otis Loft Timber Warehouse

Developer Cedar Street is staying fastidiously busy as a force in the preservation of historic and significant real estate. Their latest acquisition (of a total of five) is no exception.

They now own the Loft Timber Warehouse, a property constructed between 1900 and 1905 by the Otis Elevator Company.
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Curbed Chicago

FLATS Developer Commits to Purchasing Old Salvation Army Freedom Center Campus

The Salvation Army’s old Freedom Center complex on the Near West Side has found a buyer. According to Crain’s, developer Cedar Street Cos. has agreed to purchase the three acre campus and its buildings. While the sale price is still unknown, insiders tell Crain’s Alby Gallun that the cost could be somewhere in the neighborhood of $20 million.

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Curbed Chicago

Three New Residential Projects Underway on Busy Clark Street

The stretch of North Clark Street between Chicago and Chestnut is abuzz with activity as not one but three unique developments differing in scale and style are set to transform the area. Whether you’re looking for a luxury high rise, tony townhomes, or repurposed historic micro-apartments, this stretch of Clark will soon have a variety of new residences to choose from.
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Curbed National

The Micro Housing Development Boom Across the U.S., Mapped

The pronounced swing back towards urban living, and the renewed fervor for downtown development, has only made our cities more dense, making the search for cheap housing that much more challenging. While mayors across the U.S. have called for more affordable housing (in New York, both Bloomberg and De Blasio have said it was imperative the city offer more low-rent options), many developers have decided the solution to density and affordability is downsizing and designing smaller units.
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WFC NEWS

Chicago-based developer jumps on micro-living train by remodeling old buildings

Call it the urban, apartment-dwelling version of the tiny house trend: Little spaces for living in Chicago are making it big.
Big players in this arena are developers like Jay Michael and Alex Samoylovich, co-founders and partners of CEDARst.
The Chicago-based concern is the holding company for a range of businesses, including hospitality, entertainment, and several venture start-ups. According to Crain’s Chicago Business, CEDARst owns more than 2.5 million square feet in Chicago, with about a third of that owing to the micro apartment Flats Chicago brand.
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DNAinfo Chicago

Historic Otis Elevator Warehouse on 15th Street Could Get 92 Apartments

UNIVERSITY VILLAGE — A developer plans to transform an historic 15th Street warehouse into more than 90 apartments in University Village. Uptown-based developer Cedar Street recently closed on the Otis Loft Timber Warehouse building, a 130,000-square-foot vacant building at 1401 W. 15th St. near Addams/Medill Park. The developer plans to convert the warehouse into 92 apartment units.
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Crain’s

Another 114 apartments planned in River North

Chicago developer Cedar Street plans to expand a six-story River North office building and convert it into 114 apartments, adding to the growing supply of rental housing in the neighborhood.

Cedar Street bought the building at 676 N. LaSalle St. for $12 million on July 23 from a trust, said Managing Partner Alex Samoylovich.

Within the next 10 months, the firm plans to begin a gut rehab of the existing structure and an expansion into a parking lot next door that would increase the building’s size to 132,000 square feet from about 60,000 square feet, Samoylovich said…

Crain’s | Ryan Ori

Curbed Chicago

Cedar Street Begins $15M Renovation of Uptown’s Historic Lawrence House

Renovation work is underway on Uptown’s historic Lawrence House apartment complex at 1020 W. Lawrence Ave. Originally built in 1928 as upscale housing, the 12-story Art Deco building fell into disrepair over the decades and most recently served as single room occupancy housing development until developer Cedar Street Companies purchased the property two years ago for $7.5 million. Read More…

DNAinfo

Check out Renderings of Proposed Developments Near Wilson Red Line Stop

With the Wilson Red Line getting a $203 million makeover — the biggest overhaul in CTA history — and two developments proposed near the station, Wilson Avenue could see a revival.

Ald. James Cappleman’s (46th) office released renderings of the proposed developments Wednesday afternoon. Read More…

Re Journals

Cedar Street Co. closes on $2.7 million mixed-use Chicago building

Cedar Street Capital has added 1101 W. Lawrence and the adjacent parking lot at 4750 N. Winthrop, to their growing portfolio. The newly acquired building was purchased through a bank foreclosure REO for $2.7 million and financed by Talmer Bank and Trust.

Conveniently located at the corner of Lawrence and Winthrop Ave., 1101 W. Lawrence is in the heart of the Uptown Entertainment district across the street from the Aragon Ballroom and CTA Lawrence Red Line Station… Read More…

Curbed Chicago

FLATS Developer Bringing Affordable Artist Housing to Uptown

Following its recent acquisition of the historic brick and terra cotta building at 1132-40 W Wilson Ave., on the corner of Wilson and Clifton, Cedar Street Cos. recently unveiled plans to gut and rehab the residential portion of the building to create artist-oriented residences, Uptown Update reported over the weekend. Read More…

Dreamtown

FLATS Chicago: Reinventing The Chicago Apartment

Sometimes you’re just not ready to buy. But that doesn’t mean you don’t deserve the best. Chicago-based Cedar Street Co. and its FLATS Chicago brand are continuing to reinvent what Chicago apartment living means.

Cedar Street’s Alex Samoylovich and Jay Michael have spearheaded a movement to take neighborhoods that have fallen off the grid in terms of fresh and an “it” factor and are turning them into hotspots to live thanks to their clever apartment designs. The results have even brought a newly popular term to Chicago real estate: the micro-apartment… Read More…

Curbed Chicago

A Last Look Inside the Historic Bush Temple of Music Before Its Big Makeover

The famous Bush Temple of Music on Chicago Avenue is about to join several other historic downtown buildings to receive new life. However, instead of being transformed into a hotel like the former London Guarantee Building, the Old Dearborn Bank Building, the Chicago Motor Club Building and the Chicago Athletic Association building, the Bush Temple will eventually house small apartments. Recently acquired by Cedar Street Companies, the Bush Temple will join the quickly growing inventory of the developer’s FLATS branded apartment projects. Read More…

Curbed Chicago

Uptown’s Former Combined Insurance Building Purchased by FLATS Developer

Cedar Street Companies, the parent developer of Chicago’s FLATS mirco apartments has recently acquired the former Combined Insurance property at 5050 N. Broadway in Uptown for $16 million, Crain’s originally reported last week. Currently, the site hosts several modernist, six-story buildings connected to an 11-story office building, but the new plan could bring another building to the site… Read More…

Chicago Tribune

Cedar Street leaving Fulton to expand focus on small apartments

It’s a tough call deciding what’s hotter in Chicago real estate investment circles: the Fulton Market area or apartment construction throughout the city.

Cedar Street Cos. is choosing apartments. Read More…

LIFE EDITED

Why and Where Micro-Apartments Are Going Up Might Surprise You

New York, San Francisco, Vancouver and, to a lesser extent, Seattle, DC, Boston and LA are logical places for micro-housing. These cities are very or fairly dense, they have high property values in many spots and have infrastructures that support micro-housing–i.e. decent public transportation systems, strong economies, walkable neighborhoods, etc (yes, LA might be a stretch). But micro-housing is no longer limited to high-density cities with extreme property values. All over the country (and world), micro-apartment developments are springing up, a phenomenon, we believe, is happening for several reasons…

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RE Journals

Cedar Street Co. refinances three FLATS Chicago lifestyle rental properties

Cedar Street Co., a leading integrated real estate developer, announced the refinancing of its inaugural set of FLATS Chicago rental properties. The three properties located on the city’s North Side will be expanding their lifestyle vision through tenant and community offerings with the refinancing of these mixed-used buildings.

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Uptown Update

Wilson/Magnolia Retail Building Acquired In Short Sale

According to REjournals.com, Cedar Street Properties (the parent company of FLATS) just bought the retail building at 4600 Magnolia, the one most of us know as “the Starbucks building.”

Take up a half block and fronting on Wilson, it was acquired for $750,000 cash in a short sale.

While the article says Starbucks will remain there after the sale, there are a lot of empty storefronts that we hope to see filled soon.

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Crain’s Chicago Business

Jay Michael is not the devil

Standing before a vintage brick apartment tower in a once-gritty part of Uptown, real estate developer Jay Michael is talking about rescuing this formerly elegant 1920s building from the brink of ruin and transforming it into a chic habitat for 21st-century hipsters. ”

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StreetsBlog Chicago

Uptown Developer Finds New Bike Enticing New Tenants

Visitors staying overnight at some Chicago hotels have long been able to borrow bikes during their stays, but now one apartment building owner has upped the ante and is giving away bikes for rather longer-term stays.

Cedar Street Companies is offering free custom bicycles as an incentive for new tenants to sign two-year leases before year’s end at its FLATS Chicago apartment buildings. The bikes will be built to order by Heritage Bicycles, a Lakeview-based bicycle and coffee shop. Heritage will also bring “outposts,” serving up food but not bikes, within two FLATS buildings in Uptown, at 1325 W. Wilson Avenue and at the former Lawrence House Hotel.

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Loop North News

LaSalle Street landmark sold

Its occupants have included a cable car powerhouse, Michael Jordan’s Restaurant, and currently Gino’s East. The 127-year-old landmark at 500 North LaSalle Street in River North now has a new owner.

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Re Journals

Cedar Street Co. sells River North’s former La salle Power Company building

Cedar Street Co. and FrontLine Real Estate Partners undertook landmarked building – 500 N. La Salle Dr. – in July 2013 as a joint venture. This past week, the building was sold for $7.1 million to Jaime Javors. In 2013, the property was bought from Hilco Real Estate LLC through a bankruptcy auction as part of a larger portfolio of assets acquired in the Qualteq Inc. bankruptcy case; the property was initially purchased for $4.1 million.

Located at the corner of LaSalle Drive and Illinois Street in Chicago’s River North neighborhood, the building functioned as a dining hub. Upon acquisition, Cedar Street Co. secured a triple net lease by the Chicago pizza chain Gino’s East as the anchor tenant of the 17,400 square foot building. This prominent property was also home to the old Michael Jordan Restaurant — a tourist hotspot that closed in 1999 after Jordan’s second retirement.

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Curbed Chicago

Historic Bush Temple to Be Transformed Into Micro Apartments

The soon-to-be-renovated Bush Temple of Music in the Gold Coast will be transformed into a block of micro apartments, according to a representative of developer Cedar Street Companies quoted in a recent Crain’s article. Cedar Street has renovated several old buildings throughout Uptown and Edgewater under their FLATS brand, and the National Historic Landmark on Chicago Avenue will be called FLATS No. 800 when it’s redone. The old Bush Temple will contain small apartments in the 350 to 450 square foot range and will have somewhat affordable, or “approachable” rents if you will. According to Cedar Street reps, renderings aren’t quite ready, but plans for the building also include a fitness center, commercial space and a garden with barbecues.

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Columbia Chronicle

Local bike shop, cafe hybrid expands to Uptown

Melissa and Michael Salvatore, co-owners of Heritage Bicycles General Store in Lakeview, are set to open Heritage Outpost, a new branch of their original bicycle and coffee shop, in Uptown by the end of November.

The Heritage Bicycles General Store, 2959 N. Lincoln Ave., first opened in early 2012 and combines a bicycle shop with a cafe, according to general manager Alan Gagne. The store locally manufactures bicycle frames and fits into Lakeview’s social community with its cafe, Gagne said.

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DNAinfo

Wicker Park Apartments Boarded Up Since 1970s To Reopen

Wicker Park Apartments Boarded Up Since 1970s To Reopen – Wicker Park – DNAinfo.com Chicago Read More…