Apartment investor buys Uptown building for HQ. Real estate investment, development and management firm Cedar Street Cos. plans to move its headquarters to a long-vacant Uptown building it bought July 19 from the Salvation Army for $1.2 million.We are delighted. This beautiful building started its life as an office building for the phone company, many years ago, and it's nice to see it get back to its roots. We understand that Cedar Street Cos. is also the developer of "Magnolia Flats" and we hope to be able to get some additional information from them about both projects before long.
Cedar Street plans to gut the three-story, 38,000-square-foot retail and office building at 1025 W. Sunnyside Ave., across the street from the Wilson Yard Target store, said Managing Partner Alex Samoylovich. Cedar Street will add a fourth floor with about 10,000 square feet of offices for its 150 employees, as well as a green roof deck, and plans to move from its current offices at 351 W. Chicago Ave. by Jan. 1, he said.
The firm is seeking tenants for ground-floor retail and offices on the second and third floors. Cedar Street owns about 1,600 apartments in and around Uptown and is under contract to buy another 400 units, Mr. Samoylovich said. Alexandria, Va.-based Salvation Army used the building as a community center before moving out in 2008, a spokeswoman said.
Tuesday, July 31, 2012
Fish Farm No More!
The building at 1025 W Sunnyside, right across from Target -- the one that was the Tom Seay Salvation Army overnight shelter until 2008, and was later envisioned by former alderman Helen Shiller to become a fish farm/green center/social justice incubator for $54 million in TIF money -- is now slated to become office space and a company's headquarters. From Crain's---