Developer buys site at 1338 W. Lake, plans residential tower

Chicago-based developer CEDARst Companies has acquired the property located 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. The nearly 36,000 square foot property sold for $6.5 million. 

With the site under control by the developer, they plan to move forward with a residential tower on the site. 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 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.

Now as the land sale was announced, first by Crain’s, founder of CEDARst Companies Alex Samoylovich posted a rendering of the 2023 proposal on LinkedIn and stated that the project is coming soon. Since the proposal never completed the approval process approvals will still be needed from the Chicago Plan Commission, Committee on Zoning, and City Council. An official timeline has not been announced.