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It's been over a year since Cedar Street Co bought the Combined Insurance Building at 5050 North Broadway in a $16.1M deal. Now more details have emerged about the firm's plans for the site.
Cedar Street will convert the 11-story office building into apartments, and will build a new eight-story multifamily building across the street on the site of a parking lot and factory. This will add a total of 710 new apartments to the Uptown multifamily pipeline, according to Chicago Architecture Blog.
Cedar Street considers this stretch of Uptown ripe for redevelopment. It's walking distance from the Argyle Street restaurant district, which is being redesigned into a shared-street project. Cedar Street has been busy of late in Uptown with several adaptive reuse projects in the works. It controls over 2,500 apartments on the North Side, most of them under its Flats Chicago brand. Cedar Street has other notable projects underway in River North and the West Side, where it bought the old Salvation Army Freedom Campus last year. [CAB]
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