UPTOWN — Friday morning, Cedar Street developers revealed the sixth and last property it was selling in a $67 million deal with New York City-based CLK Properties.
On Thursday Cedar Street, known for rehabbing dilapidated buildings on the North Side, announced it was selling six of its FLATS-branded properties, but left 1325 W. Wilson Ave. off the list until Friday morning.
The other properties sold include 875 N. Magnolia Ave., 5051 and 6134 N. Kenmore Ave. and 5411 and 5718 N. Winthrop Ave.
The deal began on June 10 and included approximately 435 units, according to the developers.
It was announced a day after Ald. James Cappleman (46th) honored Cedar Street co-founder Jay Michael by renaming the corner of Wilson and Kenmore avenues "Honorary Jay Michael Way." Michael died in early January after a long battle with cancer.
The developer so far is saying it will hold onto the former Aon building at 5050 N. Broadway, which it purchased in April for $16.1 million with plans to convert it into 710 units, a grocery store and cafe.
"It's all about the future and recycling some of the proceeds," said Cedar Street Managing Partner Mark Heffron after the announcement of the sale.
He said the company doesn't currently have plans to sell any properties in "that neck of the woods," but may sell properties in other neighborhoods.
The company owns at least four properties along Wilson Avenue and said it was looking to acquire more earlier this year.
Thursday, the developers also celebrated the grand opening of the former Lawrence House, 1020 W. Lawrence Ave., with a soiree.
For pictures of the new development click here.
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