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. Salvation Army has moved its Freedom Center operations to a new campus in the Humboldt Park area, as the organization had previously stated that it would be more cost effective to relocate and build a new facility versus making repairs and updates its vintage buildings near the West Loop. Cedar Street, who has become known for renovating vintage buildings into their FLATS micro apartments, plans on transforming the complex into rental units.
While Cedar Street has committed to bringing apartments to the project, the number will ultimately be decided after meeting with community leaders and area residents. In addition to apartments, the developer will bring new retail offerings to the area. Cedar Street has often worked work Heritage Bicycles, so it won't be surprising to see a Heritage Outpost in the final plan. Crain's also hints that Cedar Street will build new space as well as updating and improving on the existing facilities on the property. The project adds to the lengthy list of developments that Cedar Street is currently working on. From new apartments in Uptown, to River North to the historic Bush Temple of Music building in the Gold Coast, Cedar Street has very quickly become one of the busiest apartment builders in Chicago.
·Apartments coming to Salvation Army site on West Side [Crain's]
·West Loop Salvation Army Freedom Center Complex for Sale [Curbed Chicago]
·FLATS Developer Bringing 114 More Apartments to River North [Curbed Chicago]
·Uptown's Former Combined Insurance Building Purchased by FLATS Developer [Curbed Chicago]
·A Last Look Inside the Historic Bush Temple of Music Before Its Big Makeover [Curbed Chicago]