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Origin, Cedar Street JV on O-Zone Project at Pilsen’s “Front Door”
Locally-based Origin Investments and Cedar Street Companies formed a joint venture to develop Pilsen Gateway, a $64.5-million multifamily project adjacent to the West Side’s Pilsen neighborhood. It’s believed to be among the first and largest Opportunity Zone apartment developments locally.
“We saw this as a unique opportunity to develop something of scale, in a neighborhood with tremendous demand but a lack of supply,” said Cedar Street CEO Will Murphy. “The project is located at Pilsen’s ‘front door,’ at the intersection of Blue Island Road and 15th street. We believe our unit type and amenity offering will bode well within the submarket.”
When completed, Pilsen Gateway will feature 202 high-end apartments, 7,600 square feet of retail and an 8,500-square-foot amenity deck. The developers anticipate delivering the first units in spring 2021.
Financing was arranged by Don Adams, TCF Bank and Michael Slovitt, Berkadia.
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