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. The rendering reveals an addition that will replace a parking lot as well as the Blue Frog Bar and Grill, the area's most infamous dive karaoke joint, which closed its doors for good on January 16th. Chicago-based Cedar Street Co. purchased the property in July of 2015 for $12 million and plans to turn the site into 149 apartments under the company's FLATS Chicago brand.
Cedar Street has set out to more than double the building's current size from 60,000 square feet to 132,000. The completed structure is expected to feature a rooftop amenity space as well as 10,000 square feet of fresh commercial retail space on the ground floor. Despite a unit count of 149, the development will feature just 31 parking spaces thanks to the provisions of Chicago's recently expanded Transit Oriented Development ordinance. According to Crain's, the total cost of the project including the purchase of the former Blue Frog building is estimated at $40 million. Cedar Street Co. has been on a roll recently with work also underway to rehab and expand the historic Bush Temple of Music into apartments just three blocks northeast.
·FLATS Developer Bringing 114 More Apartments to River North [Curbed Chicago]
·Karaoke Favorite Blue Frog Bar & Grill Will Sing Their Goodbyes In January [Chicago Eater]
·Another 114 apartments planned in River North [Crain's]