Edgeville Buzz

After Much Hype On New High Rise, 5440 Sheridan Development Put On Hold Again

The property at 5440 N. Sheridan has once again run into a stumbling block after developers have been unsuccessful (for well over a decade) to get any structure to rise on the spot.

In a emailed statement from Alderman Harry Osterman, he said that the current developer Greystar has officially backed out of the project. After numerous meetings and eventual approval from both the community and the Alderman, it was a surprise announcement that the 17-story building named the Overture has been put on hold.

The proposed building, which was designed by architect Steve Rezabek of Pappageorge Haymes, was to cater to individuals ages 55 and older. It consisted of one bedroom (46%), one bedroom + den (15%) and two bedroom (39%) units ranging in size from 791 to 1,218 square feet. On the 4th floor, there was to be 9,000 sq. ft. of exterior space including a pool, deck and green roof.  The interior had 9,000 sq. ft. of amenity space including meeting rooms and an exercise space.

Sources have been tight-lipped about why Houston-based Greystar Development LLC had backed out of the building. Back in January of 2017, the company began going through the zoning process to obtain the necessary permits. The public was told that construction could start as early as the Summer of 2017. Since then, any word about the building’s progress has  remained silent.

Alderman Osterman did say however that he will provide new information on the project later this Summer.

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