Thursday, April 11, 2013

And Speaking Of FLATS....

We may know them as the company that paints some of its buildings grey (to mixed reviews), but there's a lot more to FLATS, the brand owned by Cedar Street, than we realized:  2,000 apartment units, 30 buildings, six holding companies, and $250 million in assets, not to mention the former Michael Jordan's restaurant site.  Not bad for three guys in their early 30s.

David Roeder interviewed one of the three principals of Cedar Street in an article in Chicago Grid entitled How Flats Chicago is reshaping Uptown and other North Side neighborhoods:  Alex Samoylovich is marrying rich amenities with “approachable” rents to turn distressed properties around.

He says "There is not one other neighborhood that we care about as much as Uptown," addresses the longstanding rumors that FLATS is interested in buying Lawrence House, and talks about how successful the "branding" of FLATS has been (and that the concept is based on hotel branding).  Read the entire article here.

Whether you love Cedar Street or are grey-adverse, one thing is becoming clear:  Cedar Street is already a huge player in the future of Uptown.


  1. Re: the do you get that kind of (credit line) money?

  2. Agree with Lianna. I would love to see any company who can add value/clean up the current state of the Lawrence House...though I would also like to see some turnaround on current FLATS projects. Still waiting on that Salvation Army building across from Target...

  3. This is REALLY exciting stuff.

  4. @Lianna: Put a business plan together, solicit investors, make a return on their capital. How does any business get funded? This is no different.