LAKEVIEW — The corner of Broadway and Sheridan could soon be home to an 18-story building, developers announced Monday.
The 196-foot structure would replace the Mobil gas station at 3901 N. Broadway, according to Rolando Acosta, an attorney for developer Sedgwick Properties.
Preliminary plans call for two floors of retail space and residential parking, topped by 16 stories of apartments. There'd be 120 units, ranging in size from one- to three-bedroom.
"We think it's a great improvement for the immediate site, obviously," Acosta said. "Ground-floor retail is more pedestrian-friendly than a gas station. And adding more residential [units] to the area will only increase its vitality."
Acosta said the development would include 5,500 square feet of retail space, with storefronts along Broadway.
Of the 120 planned apartments, more than half would have one bedroom; 35-40 percent would have two; and 5-10 percent would have three. The lobby and parking garage would face Sheridan.
Developers hope to create 60 parking spaces for residents, Acosta said Monday night as he presented plans to the 46th Ward Zoning and Development Committee.
Locals at the meeting argued that 60 spots wouldn't be enough. Neighbors said there's barely enough street parking now, and the area couldn't handle overflow from the new building.
Developers are anticipating mostly commuter residents since the area has such a "high level of transit," Acosta said, pointing to the Sheridan "L" stop, local buses, Divvy stations and nearby car-sharing programs.
"There may be statistics, but there's also reality," one resident countered. "And the reality is: You can't find a [parking] spot when you come home from work."
Acosta said Sedgwick Properties hasn't met with an architect yet. The firm wanted to take neighborhood concerns into consideration before making final plans, and more parking spaces are a possibility.
As of now, one-bedroom rents are slated to start at $1,500 per month. Two-bedrooms will start "in the low $2,000s," according to Jay Feeley of Sedgwick Properties. And three-bedroom prices will begin closer to $3,000.
The firm did not present a timeline for development, but Acosta said it's still "very early" in the planning process.
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