Cedar Street Companies, the parent developer of Chicago's FLATS micro 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. After Imperial Realty acquired the collection of buildings for $5.1 million in 2005, the site remained mostly unchanged, but in expectation of Uptown's nascent revival, Cedar Street's $150 million development plan includes a new mixed-use, mid-rise residential tower with revitalized connections to other buildings on the property—including the existing 625-car parking deck. Cedar Street, which has been active in Chicago's northern neighborhoods over the past couple of years, will be working with neighborhood and city groups in the coming months to gain permits and approvals before beginning construction.
·$150 million project planned in Uptown [Crain's]
·Previous FLATS coverage [Curbed Chicago]
·Previous Uptown coverage [Curbed Chicago]