CEDARst Companies closes on new property at Broadway and Foster in Chicago

A new TOD development in Edgewater is about to take shape at 1137 W. Foster Avenue. CEDARst Companies will invest nearly $8 million to develop a new multifamily property on the 10,500-square-foot lot at the southeast corner of Broadway and Foster.

Working with LEVEL Architecture, CEDARst plans to build a mixed-use, 27-unit apartment building with 6,000 square feet of ground floor retail. CEDARst acquired the property for $1.75 million and conterminously closed a $6 million acquisition/construction loan with Associated Bank. The total project budget is estimated at $7.93 million.

“We are excited to bring this transit-oriented development to the Edgewater neighborhood,” said CEDARst managing partner Will Murphy.

The CTA red line at Berwyn and Broadway and Foster bus stops are steps away, with four parking spaces on site. The building will be a mix of studios and one-bedroom apartments with a roof deck. This new building will be convenient to the lakefront, an array of shops and restaurants and all that Uptown and Andersonville have to offer.

Residents of this new FLATS property will be welcome to enjoy all of the amenities at the nearby Draper at 5050 N. Broadway, slated to open later this year. Among other things they will have access to a multi-level fitness center and rooftop pool just a block away.

Daniel Barrins, a vice president with Associated Bank’s commercial real estate division, managed the loan and closing. The project’s general contractor is Method Construction. The development is scheduled to break ground this spring with leasing in the spring of 2020.