The Real Deal Chicago

Cedar Street gets to work on 700-unit Uptown apartment project

The company will start by converting the former Combined Insurance Company HQ
April 04, 2018 09:30AM

5050 North Broadway (Credit: Cedar Street Commercial)

Cedar Street Companies’ is set to begin its big residential project in Uptown, which will eventually bring online 710 apartments and 45,000 square feet of retail space.

Preliminary work is expected to this week on the first part of the project: the conversion of the former Combined Insurance Company office complex at 5050 North Broadway. That 300,000-square-foot, century-old building will become a 342-unit apartment over retail space, according to Curbed.

Cedar Street bought the property, which has two connected buildings of six and 12 stories, for $16 million in 2015. It took out a $13 million refinancing loan from CIBC in January, according to Real Capital Analytics.

The project could take more than a year to complete, Curbed reported.

Cedar Street then plans to build two new seven-story apartment buildings with ground-floor retail across the street at 5083 and 5063 North Broadway. The entire complex will use the existing 600-car parking garage at 5051 North Broadway. [Curbed]John O’Brien