Cedar St.-Led JV Completes First Phase Of Wicker Park Self-Storage Development
Cedar St. Cos., known as the vanguard of Chicago's micro-apartment and adaptive reuse trends, has found another new use for an older set of buildings in trendy Wicker Park. Cedar St. and JSM Venture have delivered the first phase of what will become a 92K SF self-storage facility at 1279 North Milwaukee. The second phase is under construction at 1300 North Ashland.
The Cedar St.-JSM JV bought the two buildings in a $14.9M deal last December and decided on self-storage because Wicker Park's growing population density indicated a need for the asset class. Cedar St. and JSM will deliver 1,300 new self-storage units to the submarket, with no competition in the sector within a two-mile radius.
The self-storage development is part of Wicker Park Commons, a mixed-use development anchored by retail. Cedar St. is also redeveloping 21K SF at 1279 North Milwaukee into loft offices.