The surface parking lot at 5440 North Sheridan Road in Edgewater Beach is getting another chance to become more than what it is currently. Forty-eighth Ward Alderman Harry Osterman has notified his constituents that a new plan is being put together for the property just one block from the lakefront.
The building, called Overture Edgewater Beach, was designed by Pappageorge/Haymes for for Greystar, and will be a 55+ community.
This isn’t Greystar’s first rodeo at this location. Back in 2007 the city approved its plan for a 16-story, 189-foot-tall building called Bluewater 5440. It had 168 condominiums and 329 parking spaces. Construction was stalled by the Great Recession, and when Greystar asked the city for an extension to the deadline, it got a 15-pound bucket of nope from the Department of Planning and Development in a letter dated March 20, 2015:
…the most recent proposal would require an amendment to the Planned Development. Additionally, Lake Michigan and Chicago Lakefront Protection approval is also required. It is also our understanding that the community does not support the latest proposal.
Therefore, the Department of Planning and Development does not believe there is good cause to grant a one-year extension and pursuant to the authority granted by the Chicago Zoning Ordinance, I hereby deny the one-year sunset extension request for Residential Planned Development No. 1056.
The new building is slightly taller than the previous proposal, at 18 stories. And the parking has been reduced to just 190 spaces.