EDGEWATER — Edgewater Beach residents could soon see a new 18-story residential tower with 190 rental units and 255 adjacent parking spaces along North Sheridan Road, according to the 48th Ward office.
Dan Luna, chief of staff for Ald. Harry Osterman, said the development at 5440-50 N. Sheridan Rd., where Sheridan and Catalpa meet, was originally proposed in 2007 by Bluewater Group developers but fell through after the market crashed, leaving the project to expire.
At that time, the plan was to build 187 residential condos and townhouses and 329 parking spaces, a ratio of nearly two spots per resident.
Now, Luna said, Greystar Development has stepped in with a revised proposal that shifted the construction of condos and townhouses to individual rental units. In addition to adding three units to the original 187, Greystar also scaled back on the number of parking spaces by more than 20 percent, cutting 74 spots from its plan.
Luna said Greystar's development team will soon start reaching out to neighborhood groups to discuss changes to the proposed residential tower and to seek support.
Likewise, he said Osterman will hold a community meeting at a later date to discuss the project and take a vote.
Greystar's contract for the lot was confirmed by Gary Wallace, managing director of development for Greystar, saying they "are working closely with city officials and the neighborhood association to review the current project design.”
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