Developer Jasper Venture Group, in partnership with developer Auberge Grand Central, purchased the former hospital’s $6.5 million in mortgages in 2012. Two years later, the companies jointly bought the property for $1 million during a foreclosure auction, according to the article.
The hospital officially shuttered its doors in November 2008.
Developers plan to turn the former hospital site into a 70-apartment housing complex for seniors with a three-story extension on top of the building to house 27 market-rate units. The companies also plan to build a 12-story tower in the parking area between the hospital site and the parkway to house 200 market-rate apartments, according to the article.
Jasper Venture Group has not yet filed the necessary regulatory paperwork regarding the proposed housing complexes.
More articles on transactions and valuations:
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