Built in 1901, the Bush Temple of Music served as a showroom and headquarters for the Bush and Gerts Piano Co. Back then, Chicago was a major piano manufacturing center. Read More…
Three new residential projects could completely transform this River North block
This week, no less than three new residential projects slated for the River North block bordered by Erie, LaSalle, Huron, and Wells either broke cover or showed meaningful signs of progress Read More…
40 Under 40 2016
When Alex Samoylovich’s business partner and best friend, Jay Michael, died of non-Hodgkin lymphoma at age 34, it was a major setback for the Chicago real estate development firm the duo founded in 2003 Read More…
CEDARst sells Uptown building to Resource Innovation Office REIT
The most active real estate investor in Uptown sold its office building in the North Side neighborhood for more than $7 million, cashing in on some of the rising property values it has helped create Read More…
Work to begin on converting River North office building into apartments
More apartments are officially on their way to the booming River North neighborhood. A plan to renovate an existing office building Read More…
8 OF THE MOST IMPORTANT MICRO UNIT DEVELOPMENTS IN THE US
Tiny living: It’s the future in more and more cities where space is at a premium and residents are willing to pay for a prime location. These eight micro unit developments are great examples of where the market’s heading Read More…
Jerk Chicken Joint Coming To Uptown
A new restaurant offering hefty portions of Caribbean food made from scratch is heading to Uptown Read More…
Designing small: A chat with architecture firm Booth Hansen about micro living
Booth Hansen has teamed up with developer Cedar Street Cos. on several small unit rental projects Read More…
CHICAGO’S ADAPTIVE REUSE KINGS ON WHAT MAKES OLD BUILDINGS ATTRACTIVE
There’s something that makes us smile when we look at Soho House Chicago, a FLATS Chicago apartment building or Groupon’s HQ—knowing those buildings were on life support, but rose like a phoenix thanks to developers who saw uses for them others Read More…
Groovy Wicker Park Apartments Not Lived in Since The 1970s Reopen Monday
After a massive year-long rehab, 20 vintage studio and one-bedroom apartments called The Milwood Apartments at 1422 N. Milwaukee Ave. are now leasing, according to Flats Chicago Read More…
CEDAR STREET’S NEWEST CONVERSION PROJECT: THE COMBINED INSURANCE BUILDING
It’s been over a year since Cedar Street Co bought the Combined Insurance Building at 5050 North Broadway in a $16.1M deal. Now more details have emerged about the firm’s plans for the site Read More…
The 20s come roaring back at Lawrence House
Uptown was a thriving entertainment hub when the glamorous and upscale Lawrence House hotel was built in 1928. The music plays on today at venues such as the Aragon Ballroom and the Green Mill Jazz Club, but the hotel in Chicago’s Uptown neighborhood Read More…
CB2 AND FLATS CHICAGO TEAM UP ON LIVE-WORK SPACE
A new project between CB2 and FLATS Chicago, an amenity-driven real estate developer, will soon yield a newly renovated residential/working space, The Lawrence House, outfitted with Read More…
Pokiology Coming To Uptown This Month
A quick service restaurant offering Hawaiian staple poke and sushi bowls is headed to Wilson Avenue this summer. Pokiology will open at 4600 N. Magnolia Ave., Suite C, next door to the new home of Baker and Nosh, according to Uptown Update, which first reported the opening. Read More…
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…
Developer Taps Uptown Synagogue and Loop Office Building For Adaptive Reuse
Developer Cedar Street Companies has been busy in recent years making a name for itself rehabilitating historic structures into new housing. The Chicago-based company currently has a number of irons in the fire, including Read More…
Uptown synagogue slated for residential
A decrepit Uptown synagogue, whose cavernous sanctuary is considered one of the most ornate in Chicago, will most likely be converted to residential use by the preservation-minded developer that bought it last month.
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.
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.
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.
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.
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.
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.
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.
Check out Cedar Street’s new digs
Cedar Street Companies, a holding company with interests in real estate, hospitality, startups and more, moved this year into a new office in Uptown. Managing partner Jay Michael took Blue Sky for a tour.
Chicago Tribune | Meg Graham
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.
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.
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.
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.
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.
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.
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.
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
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…
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…
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…
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…
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…
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…
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…
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…
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…
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.
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.
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. ”
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.
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.
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.
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.
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.