The former Charter Barclay Hospital was once slated to be converted into a facility for Alzheimer's patients, Dina Wayne of the department of planning and development and 46th Ward Alderman Helen Shiller say, but Encino, CA-based Heritage Care Chicago went bankrupt. Shiller says the bank-owned property has been under contract since then, but potential buyers have ultimately backed away because of high redevelopment costs.
The property was not included in the adjacent Wilson Yards TIF district, Shiller explains, because a development agreement involving the Charter Barclay property was in the works. However, bankruptcy scuttled those plans.
"These properties have been vacant for a long time," Shiller says. "A lot of people have tried to do deals there, but we believe these properties can't be developed without a TIF."
In addition to the Charter Barclay hospital building, the TIF area includes 130 multifamily units, which will not be affected, Wayne says.
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