CEDARst Companies Advances $155 Million Mixed-Use Tower in Chicago

The 32-story, 364-foot development at 1338 W. Lake St. received approval from the Chicago Plan Commission.

Mar. 16, 2026 at 10:34am

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CEDARst Companies, a Chicago-based real estate development firm, has received approval from the Chicago Plan Commission for its proposed $155 million mixed-use development at 1338 W. Lake Street. The 32-story, 364-foot tower will deliver 321 residential units, ground-floor retail, structured parking, and dedicated affordable housing in one of Chicago's rapidly evolving urban corridors.

Why it matters

The approval of this project signals continued investment and development in Chicago's Near West Side neighborhood, which has seen significant growth and transformation in recent years. The mixed-use nature of the project, with its residential units, retail space, and affordable housing, aligns with the city's goals of creating vibrant, inclusive communities.

The details

The development program at 1338 W. Lake Street includes 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. The building's design features a six-story podium with 164 parking spaces and 321 bicycle parking spaces, with residential liner units along the west elevation. The residential tower above the podium will be clad in glass and architectural metal paneling, with amenity spaces on the seventh, eighth, and thirty-first floors.

  • CEDARst Companies acquired the 36,000-square-foot project site in May 2025 for $6.5 million.
  • The Chicago Plan Commission endorsed the $155 million mixed-use development at its March 16, 2026 session.

The players

CEDARst Companies

A Chicago-based vertically integrated multifamily development and acquisition firm co-founded by Alex Samoylovich, Will Murphy, and Mark Heffron.

Alex Samoylovich

A real estate developer and entrepreneur who is a co-founder of CEDARst Companies, focused on multifamily investment, development, and operating execution.

SCB

The architectural firm that designed the 1338 W. Lake Street development.

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What they’re saying

“Chicago continues to demonstrate the depth and demand that justify large-scale, design-driven investment. 1338 W. Lake Street represents our commitment to building communities that are architecturally significant, operationally durable, and economically inclusive. The Near West Side is a neighborhood with extraordinary momentum, and we are proud to contribute a project of this scale and quality to its continued growth.”

— Alex Samoylovich, Will Murphy, and Mark Heffron, Co-founders, CEDARst Companies (Globe Newswire)

What’s next

Following Plan Commission endorsement, the project will advance to the Committee on Zoning and ultimately to the Chicago City Council for final approvals.

The takeaway

This mixed-use development project in Chicago's Near West Side neighborhood represents the continued investment and growth in the area, with a focus on creating architecturally significant, operationally durable, and economically inclusive communities.