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Steps Underway To Build 18-Story High-Rise For Seniors At 5440 Sheridan Lot

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Photo: Google Streetview 5440 Sheridan

A plan is in the works to turn what is currently a gravel contract parking lot near the corner of West Catalpa Avenue and North Sheridan Road into a residential tower for residents who are ages 55 and older.

According to Gary Wallace, managing director of development for Houston, Texas-based Greystar Development LLC, the 18-story building at 5440 N. Sheridan will be called Overture Edgewater Beach. Current construction costs are estimated at $50 million.

The building will include 15 stories for residential apartments and a three-story enclosed garage, for a total of 18 stories.

Robert Gorski, who lives on North Sheridan near the proposed development, attended the first community meeting on the project that was held on Thursday, Sept. 17.

“If all goes well, they would expect to break ground (in) September 2016,” he wrote in an email to the Edgeville Buzz.

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Building rendering from 2012

Gorski said the structure will offer 186 total apartments. Wallace said 19 of those apartments will be “affordable units” at rates he said are too early to disclose because it will take two years before residents will be able to move in.

“It is accurate to state that rental rates will be lower than independent living properties, but higher than market rate apartments,” Wallace said.

He added that the building will take roughly 18 months to construct.

The apartments will include one-bedroom units ranging from 791 to 848 square feet; one-bedroom dens ranging from 901 to 946 square feet; and two-bedroom, two-bathroom apartments ranging from 1,052 to 1,218 square feet.

The parking garage will include 267 spaces, 60 of which will be reserved for Overture Edgewater Beach, Gorski said.

He said it’s possible that the building will include a hair salon for its residents, but there are no plans for street-level retail shops at this time. The southbound bus stop on North Sheridan will not be moved, and cars will be able enter the property from both Sheridan and Catalpa.

“Entrance to parking will be mainly from Sheridan,” Gorski said, adding that there be no alley entrance or exit.

The architect on the project is Pappageorge Haymes Partners. Lend Lease is the contractor.

Dan Luna, chief of staff for 48th Ward Ald. Harry Osterman, said he is aware of the proposed development but did not provide comments by press time. Gorski said there are plans for follow-up meetings.


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