Cedar Street has purchased an Uptown building for $16.1M, with plans to spend $150M on redevelopment. The Chicago-based developer will turn the former Combined Insurance office building at 5050 N Broadway into a residential building with retail space. The firm currently owns about 2,500 apartment units on Chicago's North Side, which it manages as Flats Chicago. The project could include a mid-rise apartment tower with a gym incorporated into the already-existing 11-story office building and parking garage, which has about 625 parking spaces. The financial breakdown puts the costs of redeveloping the existing building at upwards of $100M, while the new mid-rise could cost $50M to build, according to Cedar Street officials. Cedar Street considers the location an underdeveloped pocket of Uptown, not far from the Argyle Street Red Line station. This move comes on the heels of an announcement that Waterton Associates has paid $66M for the nearby Pensacola Place. [CCB]