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Flashback: Condominiums Planned for Sheridan Rd.

CHICAGO-Lava lamps were in vogue the last time multifamily development was happening on North Sheridan Road in the Edgewater neighborhood. Two developers have found underdeveloped pieces in the 5400 and 5500 blocks for 86 units in projects totaling $35 million.

By Mark Ruda | Updated on December 12, 2002

CHICAGO-North Sheridan Road in the Edgewater neighborhood, which became synonymous with multifamily high-rise construction more than a quarter-century ago, is getting a new round of development. Two projects in the 5400 and 5500 blocks of Sheridan Road will add 86 condominium units, although the buildings are no taller than seven stories high.

The plan commission Thursday recommended approval of a 48-unit building with 72 parking spaces at 5430 N. Sheridan Rd. as well as a 38-unit building—much smaller than current zoning allows—with a relative abundance of 90 parking spaces at 5556 N. Sheridan Rd., across the street from the distinctive pink Edgewater Beach Hotel, now a co-operative apartment building.

Joel S. Pickus, who prevailed in the request for proposal process for the site at the southwest corner of Bryn Mawr Avenue that is a former BP Amoco service station, tells GlobeSt.com he has spent a year getting his Waukegan-based company’s project off the ground. He has agreed to pay $1.05 million for the 22,500-sf site, a price that jumped more than 25% during the city’s condemnation process with the oil company.

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