Cedar Street, which is already converting Bush Temple of Music into micro apartments, wants to build a 15-story multifamily development next to the historic building. The proposed project would contain 110 apartments.
The proposal would need city approval and continues a Cedar Street pattern of wanting to maximize the value of a redevelopment by adding new structures on-site. The group is expanding a River North office building to include 114 apartments. Its $150M redevelopment of the Combined Insurance building in Uptown calls for a mid-rise apartment building.
Cedar Street, which initially focused on Uptown, is branching out further. In addition to its River North projects, the group also bought the Salvation Army's former Freedom Campus, at 1515 W Monroe, for $20M. [Crain's]
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