After acquiring a multimillion-dollar site on 1338 W. Lake, Chicago-based developers CEDARst Companies are ready to build their residential tower. The nearly 36,000 square feet of land is soon to see one of the developer’s biggest projects. Following a previously uncompleted tower proposal, hopes for this project are high.
Highlights
- CEDARst Companies is preparing to launch a residential tower project on their newly acquired 36,000-square-foot property.
- Located at the corner of W. Lake St and N. Ada St, this is one of the prime properties in the city.
- The official timeline for the project has not been announced yet.
CEDARst Companies Lands Multimillion-Dollar W. Lake Property
The Chicago-based developers, CEDARst Companies, are known for their luxurious projects that have drawn attention. However, the upcoming project that would redevelop the 36,000-square-foot site on W. Lake is one of their highly anticipated projects. After the land sale was announced, the founder, Alex Samoylovich, posted about the project and added that it was coming soon.
Acquisition Details
CEDARst Companies has successfully purchased the almost 36,000 square feet property on W. Lake for $6.5 million. Situated at the corner of W. Lake St and N. Ada St, there are currently a pair of vacant buildings connected to each other. These buildings were previously home to Hindman Auctions but will now become the site for the developers’ new project.
Plans for Residential Tower
The initial plan for the tower was to build a 320-foot and 28-story residential tower. The proposed plan for the project included 7,100 square feet of ground-floor retail space, parking for 200 cars, and 100 bike parking spaces for the building. However, until approval from several local institutions is received, the project cannot move forward.
Challenges Associated with the Development
Initial plans for a 320-foot and 28-story residential tower had to be stopped when approval for the rezoning of the site was put to a stop. As the developers try to convert the M2-3 site to DX-7 and convert it into a Planned Development, the requirement for approval from several institutions is still underway. The Chicago Plan Commission, Committee on Zoning, and City Council all need to give their approval before the plan can move forward. Until the approval is given, the developers cannot provide an official timeline.
