Friday, August 17, 2012

Uptown Gets Flat-tenned Up

First Magnolia, now Kenmore?

Looks like Uptown and Edgewater are where Cedar Realty is making a big move into the market-rate rental market.
Jay Michael and his business partners are intent on building apartments and a brand. They insist they can do it in a way that helps neighborhoods turn around. Uptown and Edgewater on the North Side are about to put them to the test.

Michael’s Cedar Street Co. has acquired seven buildings representing 1,200 apartments, primarily in those communities. By early next year, Michael plans to have finished a complete rehab on each and to rechristen them as part of his nascent brand, Flats Chicago.
Read the entire article here, which details a huge commitment to investing in Uptown. The addresses that will comprise the "Flats" brand are:
  • 5051 N Kenmore (pictured above)
  • 4875 N Magnolia (article here)
  • 1325 W Wilson (article here)
  • 1025 W Sunnyside (article here)
  • 5718 N Winthrop (Edgewater)
  • 5411 N Winthrop (Edgewater)


  1. Between this and the quality work Horizon has been doing with their remodels, this is the best thing going in Uptown/Edgewater. It would have been easy for these properties to be scooped up and go section 8. But instead we're going to get a huge shot in the arm to our local retail base with the influx of market rate renters. I hope they're wildly successful and that this is a sign of things to come...looking at you Somerset et al.

  2. The 5400 block of Winthrop is feeling cautiously optimistic about this project. If it is done right, we are super excited.

  3. FYI: The pictured property is actually 5051 N. Kenmore (not 5041). Thanks for posting the information though! We are glad to have a new neighbor!

  4. Just made the change, KCP. Sorry, fingers going faster than brain.

  5. It would be great if they continue to do this throughout Uptown. It would be great if they did this to the building next to mine on Winthrop (4900 block)! How can we contact this company and give them addresses to consider.

  6. Great News.

    Multiunits need to be taken care of!!!!! A Benign Dictator is much better than a King who is asleep at the wheel and has allowed all his subjects to mutiny and take over the ship.

  7. This is great news, I think Jay together with cappleman should be crowned the saviours of Uptown.