5200 North Sheridan (The Edison)







Location:  5200 N. Sheridan, Chicago, IL

Client:  Spirit Management Services

Size and Use:  Eight-story 223-unit apartment building with ground floor retail

Background:  Spirit acquired the building in November 2015 for $21.5M and hired CRA and Tricap Residential Group to serve as the local owner’s representative to oversee the renovation. The 90%+ occupied building will be upgraded to a Class A rental building. CRA was hired in July of 2015 to assist with the redevelopment of the property.

Scope:  CRA manages the project team including the architect, interior designer, engineers, attorneys and general contractor to implement the following scope:

  • Extensive masonry repairs
  • Upgrade the apartment finishes in the kitchens, bathrooms and living areas
  • Build new amenities (lobby, tenant lounge, fitness center, leasing office, mail and laundry rooms, roof top deck)
  • Install an air conditioning system
  • Replace the freight elevator
  • Replace the boiler
  • Replace all windows
  • Add a parking garage
  • Build out retail areas
  • Process lender draws