CHICAGO-Sandz Development, including owners Richard Zisook andMichael Supera, have hired Transwestern to help develop the formerLincoln Park Hospital site in a manner that will appease theneighborhood. The company earlier this year put forward a plan toput in senior housing, condos and retail at the three-acre site at550 W. Webster, but residents protested the plan for fear of addingtraffic to the area.

|

Mark Royal with Transwestern tells GlobeSt.com that sometime will be taken to determine community desires for the property,which includes four empty buildings and a four-level parkinggarage. Following the neighbor concerns, Sandz is considering amedical reuse, Royal says.

|

“They want to make sure they’re not inundated with destinationtraffic,” he says. “Of course, from the developer standpoint, Sandzhas to come out of this financially. We’re focusing on the medicalaspect, not just to turn it into hospital again, but more specialtycare and physicians.” There has been a lot of interest fromdifferent health care providers in the site, Royal says.

|

Also under consideration is senior housing, he says. “Thedecision is going to be driven, of course, in what the marketappetite is,” Royal says.

|

The site was purchased by developer Mark Hunt in 2006, when the555-bed hospital was still operating. The business closed in 2008,and Hunt settled a foreclosure case by bringing in Sandz to buy outmost of his interest.

|

“The intent is not to sit on this,” Royal says. “It’s not aneyesore, but it’s certainly an underused property.” Theneighborhood is one of the most popular residential locations inthe city of Chicago.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
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.