Several nonprofits are being pushed out of the Bridgeview Bank building after Cedar Street Companies’ laid out plans for a luxury apartment conversion, according to a new report.
The developer is offering to waive early termination penalties to allow the nonprofits to relocate from the historic triangular building, according to Chicago Block Club. The developer, led by Alex Samoylovich, Will Murphy and Mark Heffron, bought the building in April for $18.7 million and is believed to have plans for a luxury apartment redevelopment, Block Club reported.
The redevelopment is a sign that an influx of money in Uptown is displacing longtime residents, leaders of the service groups told Block Club.
RefugeeOne will not seek another Uptown location because displacement has already made the area an unlikely location “for newly-arrived refugees to make their homes,” Jims Porter, a RefugeeOne spokesperson told Block Club.
Other nonprofits in the building at 4753 North Broadway, including Asian Human Services and Asian Americans Advancing Justice Chicago, will relocate their offices. First Midwest Bank, the building’s previous owner, will remain in the building, a representative told Block Club.
Cedar Street converted offices at 30 East Adams in the Loop into 176 apartments in June, adding to its 344-unit Lawrence House building in Uptown, University Village property, an uptown synogogue-turned-apartment-building with 40 compact units, and others. [Block Club]