Edgeville Buzz

Developers Building New Sheridan Rd. High Rise Try To Move Project Forward

OvertureThe vacant lot which currently occupies the space at 5440 N. Sheridan could be the new home to an 18-story ‘active-adult, age-restricted (55 years or older) rental community’ building. The lot has been empty for years while developers tried to get the high-rise built.

In an email put out by Alderman Harry Osterman, he explained that the current developer is looking to move forward with a new proposal for a development at this location.

There will be a series of Open Houses this weekend for the community to learn more about the proposal:

• Saturday, Nov. 12, 1-4p.m, Edgewater Development Corporation, 1055 W. Bryn Mawr Ave

• Sunday, Nov. 13, 1-4p.m, St. Andrew’s Greek Orthodox Church, 5649 N. Broadway

The proposed building named “Overture Edgewater Beach“ will be 186 units which will consist of 186 apartments; 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 will be 9,000 sq. ft. of exterior space including a pool, deck and green roof.  The interior will consist of 9,000 sq. ft. of amenity space including meeting rooms and exercise space.

The building will also have 190 indoor, heated parking spots which is just over a 1:1 ratio for building tenants. A total of 60 additional parking spots will be designated for the the current owners of the lot, 5445 North Sheridan Condo Association. There will also be 17 outside alley spots designated for guest parking and two additional spots for car sharing programs.

The building was designed by local architects Pappageorge Haymes (P/H). Overture is being developed and will be managed by Greystar, a national developer with $3.2 billion of national apartment projects currently in the pipeline. Greystar is the largest apartment management company in the U.S. Some of its current managed properties include luxury communities such as SoNo East, Optima Chicago Center, E2, Halstead Flats and K2. Washington-based The Carlyle Group will be providing the required equity for the project.

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