Office to apartment repositioning, The Draper, opens in Chicago
CEDARst Companies’ FLATS brand will soon debut its newest property, The Draper, at 5050 N. Broadway in Chicago. The building is an adaptive reuse project which converted a largely vacant, 1950s office building, originally home to Combined Insurance headquarters, into 342 FLATS-style apartments.
Renovation of the Draper included connecting three separate structures, cutting out a courtyard to allow additional light and green space for residents and transforming the façade with a new modern-day window wall system. There will a wide variety of unit types available when the property officially opens on October 10. Select one- and two-bedroom units feature dens, and the top floor boasts duplex apartments with balconies and skyline views. Consistent with other FLATS buildings, there are also be a number of well-programmed studios offered at approachable rents. Each unit includes its own washer/dryer, rain-shower, free Wi-Fi, and floor-to-ceiling windows, among many other unit features.
“We think that the final product showcases all of the things we do well as a real estate developer. It will be a great apartment option in the marketplace,” said Mark Heffron, managing partner and chief development officer for CEDARst Companies.
An airy communal lobby features workspaces and a cozy fireplace. The Draper Theatre is a multimedia room available for movie-watching, Netflix-binging or viewing sporting events. A 2,750-square-foot, two-story fitness center offers weights, cardio and circuit training equipment and boxing bags. Group fitness classes led by Chicago’s top trainers are complimentary for residents. The Tiki Lounge invites residents and visitors to enjoy pool, foosball, shuffleboard and bumper pool—all in a Mid-Century-inspired atmosphere. Regularly programmed events ranging from music showcases, cocktail hours and movie showings will be available for residents and the greater community to enjoy.
The project also includes 30,000 square feet of ground-level retail including a rooftop restaurant with a dedicated express elevator. The Draper’s exquisite rooftop delivers breathtaking, unobstructed city and lake views. It’s the ideal place to entertain, with a rooftop lounge and deck, full kitchen, comfortable seating, a pool, grills, firepits, and space to let Fido out for a run. Heather Fritz designed the interiors for the building, pulling inspiration from Mid-Century Modern design—a nod to the building’s history. Throughout the building, residents and visitors can enjoy an expansive and impressive art collection, vintage and new, curated for FLATSstudio.
RE Journals | Staff Writer
Published online on October 9th, 2019.