Cedar St. Buys N. Side Landmark for $12.5M

CHICAGO—Cedar Street Co., has just purchased the Bush Temple of Music at 800 N. Clark St. on the Near North Side for $12.5 million and plans to transform the historic structure into a multifamily and retail development called FLATS No. 800. This is the Chicago-based holding company’s eighth property in the city, but the first on the Near North Side. Associated Bank provided $7.5 million in acquisition financing.

Built in 1901, the Bush Temple was originally home to the Bush and Gerts Piano Co. and designed by architect J.E.O. Pridmore. Cedar Street plans a gut renovation and stabilization of the property and create a fully-furnished building for tenants and about 13,000-square-feet of commercial retail space in the ground lobby.