CEDARst Secures $155M Chicago Mixed-Use Tower Approval
Event summary
- CEDARst Companies received Chicago Plan Commission approval for a $155M mixed-use tower at 1338 W. Lake St.
- The 32-story project will include 321 residential units, 7,200 sq. ft. of retail, and 164 parking spaces.
- CEDARst acquired the 36,000 sq. ft. site in May 2025 for $6.5M, previously occupied by Hindman Auctions.
- The development includes 65 income-restricted affordable housing units.
- CEDARst's portfolio exceeds 10,000 units and $4B in total asset value across multiple U.S. markets.
The big picture
CEDARst's approval for the $155M tower at 1338 W. Lake St. underscores its long-term strategy of neighborhood investment through design-forward, mixed-income communities. The project aligns with Chicago's urban development momentum and CEDARst's national expansion, demonstrating the firm's ability to execute large-scale, vertically integrated developments. The approval is part of a broader $400M investment cohort endorsed by the Chicago Plan Commission, signaling continued confidence in Chicago's evolving urban corridors.
What we're watching
- Zoning Approval
- Whether CEDARst can secure final approvals from the Chicago City Council for the rezoning and FAR bonus.
- Construction Timing
- The pace at which construction will commence following all regulatory approvals.
- Market Demand
- How Chicago's Near West Side will absorb this and other recently approved developments totaling over $400M in investment.
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