UNIVERSITY VILLAGE — A developer plans to transform an historic 15th Street warehouse into more than 90 apartments in University Village.
Uptown-based developer Cedar Street recently closed on the Otis Loft Timber Warehouse building, a 130,000-square-foot vacant building at 1401 W. 15th St. near Addams/Medill Park. The developer plans to convert the warehouse into 92 apartment units.
The warehouse, originally constructed in phases between 1900 and 1905 by the Otis Elevator Co., was used for the manufacturing of elevator cabs, according to Cedar Street. The building, located just north of the BNSF railroad tracks and the Pilsen neighborhood, is listed on the National Register of Historic Places.
About 46 parking spots will be developed on site. Half will be located on the surface lot and half in the basement of the building.
The rehab is expected to cost $14 million, the developer said.
The apartment units managed at the site will be managed by FLATS, a subsidiary of Cedar Street companies.
The 1.7-acre site was previously owned by a partnership that included Chicago Cubs chairman Tom Ricketts, according to Crains Chicago, but the group eventually abandoned plans to develop condos at the site.
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