Wednesday, May 1, 2019

Cedar Street Purchases Bridgeview Bank Building For $18.7M

Cedar Street's upcoming project at Lawrence & Broadway
A building with amazing views in the heart of the Uptown Entertainment District is about to go residential (or something else?) for the first time in its history.

It's a glorious building, clad in white terra cotta, built in 1924 for Sheridan Trust & Savings, which moved across the street from what is now Huntington Bank. It was eight stories when built, and later expanded to twelve stories in 1928. It had an extensive three-year restoration that was completed in 2013.

Photo courtesy of Bridgeview Bank website

If you've only been there for Starbucks, which we hope is reconfigured as part of this renovation,  you really need to check out the original lobby (open only for special occasions). It was featured in the Johnny Depp movie "Public Enemies", and it is breathtaking. (You can see photos from Designslinger, as well as a history of the building, here.)

And today came this confirmation of the building's next phase via The Real Deal:

"Micro-apartment developer Cedar Street Companies added the iconic Bridgeview Bank building to the long list of historic Uptown properties under its control.

An entity of Cedar Street bought the triangular 12-story office building this month for $18.7 million, according to Cook County property records. Managing partners Alex Samoylovich, Will Murphy and Mark Heffron secured a $13.1 million acquisition loan from Associated Bank."