CEDARst Companies, in partnership with Origin Investments, has announced the completion of a 202-unit amenity-rich apartment building in Pilsen called The Rosie. The $64.5 million project which broke ground in October 2020 will see its first move ins on May 1st, 2021. Origin and CEDARst are financing the development with a $42.5 million loan from a syndicate of banks led by TCF Bank that includes Inland Bank and Marquette Bank, and $22 million in joint venture equity which is tax-advantaged through a Qualified Opportunity Zone (QOZ). CEDARst Companies is one of the busiest multifamily developers in Chicago, developing over 5,000 units and stabilizing and managing over $1 billion in multifamily, hospitality, office, and retail real estate in the past 10 years. Origin Investments is a Chicago-based investment group with a proven record of securing financing for tax-advantaged developments through their QOZ fund. CEDARst Companies has a proven record of success in the Pilsen submarket, with their 2017 redevelopment of The Otis, a former warehouse building converted into 92 apartments which stabilized in 8 months.
The building is uniquely located at the cross section between Chicago’s Pilsen neighborhood, dubbed one of Forbes’ 12 Coolest Neighborhoods Around the World in 2018, and the Little Italy/University Village area in Chicago. Within a square mile of the Rosie, is the Illinois Medical District (IMD), home to Rush University Medical Center, University of Illinois Hospital, and the newly renovated historic Cook County Hospital main building which is the first phase of a larger residential, office, and hospitality project known as Harrison Square. According to Drexel University’s Metro Finance Lab, The IMD has more than 29,000 employees, 50,000 daily visitors, and generates $3.4 billion in economic opportunity. This submarket of Chicago has strong projected growth, and the Rosie is poised for success.
The Rosie’s unique mix of floorplans ranging from micro-studios to spacious 2 bed, 2 bath apartments ensure a high-quality product for every renter. Select studios feature the Ori Studio Suite, a smart, flexible furniture system that transforms one’s space from a bedroom into a living space with the touch of a button. Ground-level retail includes a 4,828-sqaure-foot space with adjacent outdoor plaza and a 2,008-square-foot space at the corner of Blue Island Ave and 15th St. The building’s architecture takes advantage of the triangular lot size by creating an L shape, optimizing the number of apartments with balconies, and sweeping views of the skyline on display. A stunning roof deck offers more than 8,500 square feet of outdoor space with a pool, grilling stations, a movie screening wall, and lounge seating that transitions from day-to-night with twinkly patio lighting. Additional amenities include an indoor roof lounge, gym with cardio and strength training equipment, outdoor dog park, and a lobby with a large worktable and seating. Parking includes 21 surface parking spaces and 110 garage spaces.
The Rosie will be managed by CEDARst Companies’ FLATS® brand which currently operates over 2,100 units across 18 different properties in Chicago. CEDARst Companies is in process of expanding their multifamily portfolio to include properties in Minneapolis, MN, Vancouver, WA, and San Diego, CA.