Welp, they've done it again. Developer Cedar Street Co. has announced the closing on another big renovation project that will eventually transform a vintage building into a new apartment complex for its FLATS line of micro-rentals. Over the last several months, the company has either announced or started work on a slew of major projects throughout the city, including a pair of transit-oriented developments for Wilson Avenue in Uptown, the acquisition of the former Combined Insurance complex on Broadway in Uptown, the renovation of the historic Bush Temple of Music in the Gold Coast and the renovation of the once-grandiose Lawrence House apartment complex in Uptown. Now Cedar Street has officially added the building at 676 N. LaSalle to its holdings, where they plan on building a large addition to the side of the building that will fill the parking lot at the corner of LaSalle and Huron—directly across the street from the Godfrey Hotel.
According to company reps, the new development will deliver 114 new rental units, 10,000 square feet of ground level retail space and only 31 parking spaces. The timing couldn't be anymore in harmony with the proposed changes to the city's transit-oriented development ordinance, which allows developers to cut down on the total number of parking spaces if building near transit hubs or pedestrian streets. Not only will the development to focused on transit, but the company is specifically targeting younger renters—specifically the design-conscious millennial. While the plan has been in the works for a number of months, Cedar Street reps have indicated that renderings are not ready just yet. However, more info and a first look at the project will come in the coming weeks.
·Another 114 apartments planned in River North [Crain's]
·FLATS Developer Proposes Two Transit-Oriented Projects for Wilson Avenue [Curbed Chicago]
·Cedar Street Begins $15M Renovation of Uptown's Historic Lawrence House [Curbed Chicago]
·A Last Look Inside the Historic Bush Temple of Music Before Its Big Makeover [Curbed Chicago]
·All previous FLATS coverage [Curbed Chicago]