EDGEWATER — After years of community meetings and revised plans, two empty lots at the corner of Sheridan and Catalpa are one step closer to becoming a 16-story luxury high-rise for seniors with Ald. Harry Osterman's (48th) recent support.
"The current proposal is a solid development plan and I believe when the building is complete, it will be a positive asset for our community," Osterman said in an email to constituents.
Last week a packed room of residents gathered with developers and Osterman for a final community meeting on the Overture Edgewater project and the majority of residents voted in favor of the development.
The project at 5440 N. Sheridan Road will still require city approval. Once approved, the Overture Edgewater would be fully built in about two years, said attorney Graham Grady of Taft Law Firm.
The building would have 174 apartments for those age 55 and older, 18 of which would be considered affordable housing.
The apartments would include one-bedrooms, one-bedrooms with a den, and two-bedrooms, each with its own washer and dryer.
They would range from 800 square feet to 1,285 square feet, or about 1,013 square feet on average.
Gary Wallace, a representative of Greystar, said because of the amenities available, rents would be subject to a 30 percent premium. Those amenities include an outdoor area with a pool, barbecue area, space for dogs, possible putting green, in-building salon and spa, workout and fitness areas, classes, concierge service, happy hours, continental breakfast, legal services and more.
A three-level parking garage would have 204 spaces — including 60 spots to be used by residents across the street at 5445 N. Sheridan Road on the garage's top floor.
In the alley behind the building would be additional spaces for guests, two spaces for car-sharing vehicles and two dumpster enclosures.
The building would also have security cameras around its perimeter.
The site was set to be developed as the Bluewater Project in 2007, but the idea fell through as the market crashed.
In the last few years, Greystar Development has stepped in to pitch several iterations of a high-rise project and, in summer 2015, announced plans to make it a senior living community.
Originally called the Overture Edgewater Beach because of its location in an area of the neighborhood known as Edgewater Beach, the "Beach" portion was dropped in mid-December because the Edgewater Beach Apartments Corporation owns exclusive rights to the words, "Edgewater Beach," according to Salvatore Bondi, president of the Edgewater Beach Apartments board.
