UPTOWN — Cedar Street has sold six of its buildings in Uptown and Edgewater to New York developers for $67 million, according to an announcement from the company Thursday.
On June 10, the developers known for rehabbing dilapidated buildings on the North Side sold the first of its FLATS-branded developments to CLK Properties. The buildings included properties at 875 N. Magnolia Ave., 5051 and 6134 N. Kenmore Ave. and 5411 and 5718 N. Winthrop Ave., the report said.
The sixth property has not been identified as the sale has not been completed, Cedar Street Managing Partner Mark Heffron confirmed Thursday.
The sixth property does not involve the properties in the 5000 block of North Broadway, which Cedar Street brought earlier this year including the former Aon building. It hopes to spread 710-units, a grocery store and cafe across the properties, said Heffron.
"It's all about the future and recycling some of the proceeds," said Heffron, adding the company doesn't currently have plans to sell any properties in "that neck of the woods," but may move properties in other neighborhoods.
The sale, which included about 435 units, comes at an interesting time for Cedar Street Developers.
On Wednesday, Ald. James Cappleman (46th) honored Cedar Street co-founder Jay Michael by renaming the corner of Wilson Avenue "Honorary Jay Michael Way."
Michael died in early January after a long battle with cancer.
The company owns at least four properties along Wilson Avenue and said it was looking to acquire more earlier this year.
From 5:30-9 p.m. Thursday, the developers will celebrate the grand opening of the former Lawrence House, 1020 W. Lawrence Ave., with a soiree.
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