Edgeville Buzz

First Images And Details Of The New 5440 Sheridan High-Rise Proposal

OvertureThe first images of the proposed building to be located at 5440 N. Sheridan have been released since EVB initially announced the story a month ago. The vacant lot which currently occupies the space could be the new home to an 18-story ‘active-adult, age-restricted (55 years or older) rental community’ building.

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.

Edgewater Development Corporation will help facilitate Ald. Harry Osterman’s requested community review input process for the building. At the end of the review, the alderman will hold a final advisory community meeting to ascertain the residents’ thoughts and concerns on the development in order to direct his final decision. At that point, Greystar will file Planned Development and Lakefront applications with the City’s Department of Planning and Development.

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