CEDARst Companies Advances $155 Million Mixed-Use Tower at 1338 W. Lake St. Following Chicago Plan Commission Approval

Alex Samoylovich

Mon, March 16, 2026 at 6:09 AM EDT 4 min read

CHICAGO, IL, March 16, 2026 (GLOBE NEWSWIRE) -- CHICAGO, IL - March 16, 2026 - -

CEDARst Companies, the Chicago-based integrated real estate development firm co-founded by Alex Samoylovich, WIll Murphy, and Mark Heffron has received approval from the Chicago Plan Commission for its proposed $155 million mixed-use development at 1338 W. Lake Street. The project, designed by SCB, will rise 32 stories and 364 feet above the Near West Side at the corner of W. Lake Street and N. Ada Street, delivering 321 residential units, ground-floor retail, structured parking, and dedicated affordable housing in one of Chicago's most rapidly evolving urban corridors.

The approval places the project among a cohort of investment proposals worth more than $400 million that the Chicago Plan Commission endorsed during the same session, collectively representing more than 900 new residences across Lake View, Uptown, and the Near West Side. For CEDARst Companies and Alex Samoylovich, the milestone signals the formal advancement of a development thesis the firm has pursued in Chicago for more than a decade: long-term neighborhood investment anchored in design-forward, mixed-income communities.

CEDARst acquired the nearly 36,000-square-foot project site in May 2025 for $6.5 million. The property, previously occupied by Hindman Auctions, had been home to a pair of vacant connected buildings prior to acquisition. The site's transformation into a 364-foot residential tower underscores the firm's focus on adaptive reuse and thoughtful urban infill within established Chicago neighborhoods.

The development program at 1338 W. Lake Street reflects the unit mix and affordability structure that CEDARst has incorporated across its broader multifamily portfolio. Of the 321 total residences, the building will include 121 studios and junior one-bedrooms, 76 one-bedrooms, 117 two-bedrooms, and 7 three-bedrooms. In accordance with the city's affordable housing requirements, 65 units will be set aside as income-restricted, ensuring that the project serves residents across a range of economic backgrounds.

Ground-floor activation is central to the building's design intent. Approximately 7,200 square feet of retail space will front W. Lake Street, while the residential lobby and leasing offices will address N. Ada Street. The building's six-story podium, clad in dark metal paneling, incorporates 164 parking spaces as well as 321 dedicated bicycle parking spaces. Residential liner units along the podium's west elevation screen the parking structure from the street while maintaining an active, engaged facade. Above the podium, the residential tower rises in glass and architectural metal paneling accented by vertical fins, with the massing organized into four distinct volumes configured in a pinwheel arrangement. Residents will access amenity spaces across dedicated floors on levels seven, eight, and thirty-one, the last of which includes an outdoor deck and rooftop pool.