CHICAGO-Sandz Development, including owners Richard Zisook and Michael Supera, have hired Transwestern to help develop the former Lincoln Park Hospital site in a manner that will appease the neighborhood. The company earlier this year put forward a plan to put in senior housing, condos and retail at the three-acre site at 550 W. Webster, but residents protested the plan for fear of adding traffic to the area.
Mark Royal with Transwestern tells GlobeSt.com that some time will be taken to determine community desires for the property, which includes four empty buildings and a four-level parking garage. Following the neighbor concerns, Sandz is considering a medical reuse, Royal says.
“They want to make sure they’re not inundated with destination traffic,” he says. “Of course, from the developer standpoint, Sandz has to come out of this financially. We’re focusing on the medical aspect, not just to turn it into hospital again, but more specialty care and physicians.” There has been a lot of interest from different health care providers in the site, Royal says.
Also under consideration is senior housing, he says. “The decision is going to be driven, of course, in what the market appetite is,” Royal says.
The site was purchased by developer Mark Hunt in 2006, when the 555-bed hospital was still operating. The business closed in 2008, and Hunt settled a foreclosure case by bringing in Sandz to buy out most of his interest.
“The intent is not to sit on this,” Royal says. “It’s not an eyesore, but it’s certainly an underused property.” The neighborhood is one of the most popular residential locations in the city of Chicago.
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