Developers Michael Supera and Richard Zisook have taken title of the old Lincoln Park Hospital at 550 W Webster Ave and plan to redevelop the site with 170 units of senior housing, 120 condos, and 33,000 square feet of retail, according to Crain’s Chicago Real Estate Daily.
The project’s original developer, Mark Hunt, had faced a $31 million foreclosure suit earlier this year. Supera and Zisook took controlling interest last month using a $25 million loan from Fifth Third Bank, Crain’s reports.
The developers hope to convert part of the 12-story hospital into condos, keeping most of the structure intact but replacing its facades with more traditional features. They will also build a new six-story building with senior housing and retail at the corner of Geneva Terrace and Webster Avenue and add retail to an existing parking garage on Webster.
Those plans aren’t flying with everyone. Commenter Andrew Robertson chimed in at the bottom of the article this afternoon: “This proposed redevelopment is very controversial and not supported by neighbors, 450 of whom signed a petition in opposition. Former Aldermen are also opposed.”
Joe Zekas caught up with Supera and Zisook at 600 North Lake Shore earlier this year. Learn more about them and their partner in that project, Buzz Ruttenberg, in the video below.