Demo permits issued for site of potential tower at 1338 W. Lake

Two demolition permits have been issued for the site of a proposed residential tower at 1338 W. Lake. Located at the corner of W. Lake St and N. Ada St, the project site is currently home to a pair of vacant connected buildings previously home to Hindman Auctions. Chicago-based developer CEDARst Companies acquired the nearly 36,000 square foot property for $6.5 million in May 2025.

Back in 2022, a zoning application was filed and then reviewed by the Committee on Design for a 320-foot-tall, 28-story residential tower on the property designed by SCB. The project was proposed to include 7,100 square feet of ground-floor retail space, parking for 200 cars, and 100 bike parking spaces.

After its review by the Committee on Design in early 2023, the project did not move forward through the zoning review process. CEDARst was looking to rezone the site from M2-3 to DX-7 and convert it to a Planned Development, which would need approvals from the Chicago Plan Commission, Committee on Zoning, and City Council.

At the time of the land sale in May 2025, founder of CEDARst Companies Alex Samoylovich posted a rendering of the 2023 proposal on LinkedIn and stated that the project is coming soon. Since then, there have been no more announcements and the project’s zoning application has not moved forward. 

With demolition permits issued at 1332 W Lake and 1338 W. Lake, the developer has enlisted Taylor Excavating & Construction to clear the site ahead of moving forward with a development for the site. Whether the 2022 proposal is still current or not, any proposal will need city review before being able to move forward.