CLEVELAND-The former Saint Luke’s Hospital is being transformed into about 136 seniors housing units and offices, helped along by local tax incentives.

SHAKOPEE, MN-The 580,000-square-foot planned property will be a giant amongst a small-building market, from 45 acres sold by Opus Development Corp.

DEKALB, IL-The two companies have jointly managed the 565-acre park, and now have bought the remaining 350 acres. There are already build-to-suit proposals, says a Venture principal.

LAKE ZURICH, IL-Ryan Cos. finished the 95-unit Zurich Meadows complex in about one year, and it is now 27% occupied. Plus more Midwest news.

CHICAGO-The Louisville-based firm, with a Q4 $72M reported loss, wants to move away from nursing centers. Ventas said it is prepared to market the sites, which brought in $77M.

ST. PAUL, MN-The capital company typically concentrates on affordable and senior housing, but president Kevin Filter said he will seek more lending for conventional apartments this year.

HOFFMAN ESTATES, IL-The troubled retailer revealed a $2.4 billion loss in Q4, and will sell 11 stores to GGP for $270 million, as well cuts and spin-offs. Investors boosted company stock by 20%.

TRAVERSE CITY, MI-This is the first purchase for the new REIT, spun off from Chicago-based General Growth Properties in January.