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Edgewater Beach High Rise Developer Now Pitches Site as Condos for Seniors

By Linze Rice | October 29, 2015 5:40am
 Developer Greystar Developments is giving the property at 5440 N. Sheridan Road another shot with a slightly tweaked version of an earlier proposal that now restricts building residents to seniors over 55.
Developer Greystar Developments is giving the property at 5440 N. Sheridan Road another shot with a slightly tweaked version of an earlier proposal that now restricts building residents to seniors over 55.
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DNAinfo/Linze Rice, Greystar Development

EDGEWATER — In another attempt to develop the vacant lot at 5440 N. Sheridan Road in Edgewater Beach, local developers have tweaked an earlier proposal for a residential high-rise to now be restricted for seniors over 55 only.

Earlier this summer, Greystar had proposed an 18-story tower with 190 rental units and 255 adjacent parking spaces at the site. Ald. Harry Osterman's (48th) office said a development at 5440-50 N. Sheridan Road was originally proposed in 2007 by Bluewater Group developers, but fell through after the market crashed leaving the project to expire. 

Now, developers are trying their luck again with a 186-unit independent senior living facility called the Overture Edgewater Beach — complete with a 14,000-square-foot, fourth-floor deck containing a pool and green space. The building would also feature a salon on its ground level.

About 45 percent of the apartments will be one-bedroom with another 15 percent tacking on a den area, while about 39 percent will be two-bedroom rentals. Ten percent of units will be set aside as affordable housing, and units would range from 791 to 1,218 square feet.

The building would be staffed and managed by Greystar, they said in a statement.

Greystar would also use general contractor Lend Lease, who designed The Admiral building on Foster Avenue.

The building will hold 190 heated, indoor parking spaces for residents, plus 60 additional spaces for residents at 5445 N. Sheridan across the street who own the lot. An extra 17 spaces will fill the alley for visitor parking, and another two spots will be used for car-sharing programs.

Developers expect the project would take about two years to complete, but in the meantime Osterman and staff will continue to hold community meetings and gather feedback from residents about the proposal.

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