The Sunrise development proposal for an assisted living complex at 1111 East Capitol Drive, adjacent to the river in Shorewood was a development proposal significantly involving Village Hall.
The demise of this project first came to light this week, reported by Tom Daykin and pointed out by Steve Koczela
We cannot however accept that the failure of the proposed development is fully attributed to our national financial setting. Doubts as to the soundness of this proposal had been expressed by some during the process.
In the same way, the present condition of our economy is not the only factor in the developing situation in which our auto industry finds itself. This is an excuse for the situation that these firms find themselves as they are reaching a certain point in their misguided evolution.
Of course the economy now emphasizes their situations and places their frailties in the full light.
I believe that this is a good time for Shorewood to begin negotiating the acquisition of the Sunrise property, so that it can be put to a better use when the economy begins to recover.
Our ability to hold the land for an appropriate time places us in a good negotiating position.
The holding costs and the need to remove existing buildings and maintaining the property in reasonable condition as it awaits development can influence our acquisition price proposals. It is already an eye sore.
The location of this property and the market being what it is today, should move Shorewood in the direction of acquiring this land quite reasonably.
Sunrise wants to sell it as it cannot afford to hold it. At this time, we'd probably be the only willing buyer.