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.
This location, on the National Register of Historic Places (which makes it eligible for a federal rehabilitation tax credit of 20% of project costs), has a new life ahead. As it once was an elevator cab manufacturing facility, as well as a vacant loft timber warehouse, it will convert to residential use.
The property, approximately 130,000 gross s.f., will have 92 apartment units and 46 parking spots. It will be managed by FLATS, a subsidiary of Cedar Street Companies.
As a symbol of Chicago’s West side history of factories, it will retain its signature look, even after renovation. Cedar Street will invest nearly $14 million for reconstruction and renovation.
Curbed Chicago | April Gardner