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Cedar Street Buying Former Salvation Army Campus for $20M


Cedar Street Cos is buying the Salvation Army's former Freedom Center at 1515 W Monroe. The Salvation Army put the three-acre property, located four blocks from the United Center, on the market. (The group was moving into a new center in Humboldt Park and deemed rehabbing the existing building to be more expensive than replacing it.) Cedar Street is believed to be paying $20M for the property but managing partner Alex Samoylovich would not confirm that number. Cedar Street is one of the busiest multifamily developers in Chicago, with projects in the pipeline ranging from Uptown to River North. The Freedom Center site is a bit west of the red-hot Fulton Market, but there are signs the neighborhood is seeing an influx of renters seeking to be near the West Loop and easy access to public transit. [Crain's]