Edgeville Buzz

Alderman Greenlights New Sheridan Road Development In Edgewater

A new development could soon be built on an Edgewater property that has been vacant for over a decade after two proposed high rises failed to be constructed on the lot.

The latest proposal for 5440 Sheridan will be a scaled down version of the two previous plans. It has officially received the green light from Alderman Harry Osterman according to his weekly email put out last Friday. His approval comes after a meeting last Tuesday night in which 35 out of 37 people voted in support of the plans. Cedar St., which is the developer, also earned the support of ASCO (Association of Sheridan Condo Owners) after meeting with them and neighboring buildings in order to address concerns.

Cedar St. initially planned to build a 99-unit building on the site but reduced the number to 78 due to issues some residents had over proposal’s density. The new layout will consist of 14 studios, 31 one-bedroom, 27 two-bedroom, and 6 three-bedroom apartments

“Based on community support for this plan, I will support the proposal and the needed zoning change required to develop the building,” Ald. Osterman said. “This site is one of the last undeveloped sites on Sheridan Road and we don’t expect to see more developments in the future.”

The 5440 Sheridan property has been vacant for well over a decade after a motel on the land was raised to make way for new construction. The original plans were for a 15-story complex with 187 condo units and several townhomes. However, the housing market bust and subsequent recession stopped it from moving forward.

In 2015 Texas-based Greystar Development LLC took over with plans to build an 18-story building called Overture Edgewater Beach. It was to cater to individuals ages 55 and older offering 186 total apartments. The project however was scrapped after the company was unable to obtain financing.

The Alderman also mentioned that the proposed complex does not trigger the Affordable Requirements Ordinance (ARO) and thus is not required to have any designated affordable units. He said however that he will work with Cedar St. to include some affordable units.

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