While Bethel College would initially lease the units to students, the developers would liketo possibly convert the apartments to senior housing in six to 12 years. The 2.5-acre vacant site would need to be rezoned to allow the project. The city's planning commission is reviewing the plans.

Past plans for the piece of land now owned by developer Hans Hagan, who developed the Chatham neighborhood. Hagan had looked at building an office showroom on the site but decided against it. Previously, a proposal for a gas station ran into opposition from residents and city council members because of traffic and wetland issues.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.