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Edgewater Beach May Soon See New 18-story High-Rise On Sheridan

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The 2012 proposed high-rise

Remember the old Lakeside Motel? The old orange and blue, detailed two-story building was loved by some but disliked by many more. It was torn down in 2005 to make way for a new, slick high-rise building that was never to be built.

In 2007, the Bluewater Group was ready to make a splash with the new building at 5440-50 N. Sheridan Road. The group originally proposed 17 stories which would include 187 condos and duplex townhouses. However, the market crashed soon after, killing the plans.

In 2012, the Bluewater Group surprised the community by meeting with community organizations to resurrect the high-rise. The new building would have 190 rental units and an unusually large number of parking spaces (320 to be exact). But things fell silent once again.

Is the third time the charm? Now, a new team of developers, Greystar Development, has proposed a new, 18-story development with 190 rental units. It has also reduced the number of parking spots to 255.

In a DNAinfo article released yesterday, Dan Luna (Chief of Staff for Ald. Harry Osterman) said that Greystar was going to start reaching out to community groups to win their support for the proposed building. Ald. Osterman is also expected to hold a future community meeting where there is expected to be a vote.

According to the article, Gary Wallace (managing director of development for Greystar) confirmed his company’s contract at the proposed site, saying, “We are working closely with city officials and the neighborhood association to review the current project design.”

 


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