Essex Realty Group, Inc. is pleased to present 64 E. Cedar St., an extremely rare boutique multifamily development opportunity in the Gold Coast. Zoned for up to 6 apartment units, this unique greystone presents developers with several “buildable options” to maximize future rents. Notably, “East Cedar Street” is a single block between Lakeshore Drive and State Street. There are no other Cedar addresses in the City of Chicago. Properties on this block – along with Bellevue Place, Elm, Oak, and Walton Street are considered by many to be the most coveted in the Gold Coast.
The Subject Property currently consists of two (2) 1 Bed/1 Bath units, one (1) garden studio unit, and a raw (gutted) 2nd floor and 3rd floor. Developers may find that optimized future layouts include full floor plan 3 Bed/2 Bath units, front and back 1 Bed/1 Bath units, or some combination thereof. Alternatively, the property’s curb appeal may situate it nicely for a creative single-family developer.
Located on the north side of Cedar Street, this property is in the quintessential pocket of the Gold Coast. Many of Chicago’s most famous and iconic restaurants are within blocks of this building including Gibson’s Steakhouse, Lou Malnati’s, Maple & Ash, Carmine’s, LUXBAR, and Adalina – among others. The Subject Property is also conveniently located around the corner from Chicago’s “Magnificent Mile” – recognized as one of the most famous shopping districts in the world – Lakeshore Drive, and Oak Street Beach. The access to world-class dining, shopping, entertainment, site-seeing, and the collective energy in this neighborhood are responsible for what makes living and owning in this area a dream for so many.
Chicago’s Gold Coast is a historic district, founded in the wake of the Great Chicago Fire. The story goes that after the completion of the “Palmer Mansion”, a forty-two room castle-like single family structure – other wealthy Chicago families followed the Palmer family and established what ended up becoming the wealthiest neighborhood in Chicago. In the 1980s for example, the Gold Coast (and neighboring Streeterville) comprised the second most-affluent neighborhood in the United States – just short of Manhattan’s Upper East Side. Today, much of this history is still evidenced by the mixture of historic mansions, row houses, and other luxury buildings in the neighborhood. Unsurprisingly, this neighborhood is also home to some of Chicago’s oldest and/or most successful restaurants and bars including Chicago’s very own Gibson’s Bar & Steakhouse, Maple & Ash, Adalina, and Carmine’s.
The Subject Property is situated on the north side of Cedar Street. Locals may recognize that Cedar Street, along with several other residential streets between Division and Chicago, is widely considered one of the premier street addresses to own and live on in the area. Along with easy access to countless famous restaurants and bars, there are tremendous conveniences owning and living in this location including a three block walk to the Oak Street Beach, a Whole Foods within a half-mile, Washington Square Park within five blocks, and bus stops in every direction just steps onto Clark and Chicago.