Edgeville Buzz


Be The First To Know

Third Developer Will Try To Build At 5440 Sheridan

It has been announced that a new developer will try to build on the vacant lot at 5440 N. Sheridan. This time around however, they are scrapping the plans for a high rise and opting for a scaled down development.

In a emailed statement on Friday, Alderman Harry Osterman informed the community that Cedar St. Properties is planning to develop the southern end of the vacant lot. Unlike the previous larger buildings that were initially proposed to occupy the property, the new developer is opting for a 4.5 story development that will include 78 residential units.

The 5440 Sheridan property has been vacant for well over a decade after the a motel on the land was raised to make way for new construction. The 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.

No photos of the development have been released to public as of yet. Ald. Osterman said he will keep the community informed as new information on the project arises.

 


We invite you to comment as Edgeville Buzz's GUEST. We review all submissions before they go live on our site. We encourage civil dialogue. Posts must adhere to our comment policy and we reserve the right to delete posts/ban users for instances of inappropriate language, bullying speech, character defamation, spam, etc.