Village Discussing Alternate Projects
Pathway Senior Living LLC, of Des Plaines, Ill., recently proposed to develop an assisted-living community with approximately 48 memory care units and up to 58 assisted-living units at the vacant Capitol Dr. and Wilson Dr. site. These plans have now changed, and according to Robert Helle-Principal, Pathway Senior Living, the project will not move forward.
“Pathway Senior Living regrets that it cannot continue to pursue the Capitol Dr. site at this time,” says Helle. “Recent trends in general market conditions and changes in the investment environment for specialized housing have caused us to reevaluate our development plans. We sincerely appreciate the efforts of the Village of Shorewood in working with us on this project,” explains Helle.
“The Village of Shorewood will continue to research and solicit a solid anchor complex at the Village’s western gateway,” says Shorewood Village Manager Chris Swartz. “The Capitol Dr./Wilson Dr. property is a prime location and the Village is already working with other developers who have shown interest in the site.”
This unique site at the western gateway to Shorewood is a particularly desirable location and designated as an important part of the Village’s Master Plan. Shorewood is already engaged in substantial redevelopment efforts with the construction of the mixed-use LightHorse 4041 property at Oakland Ave. and Kemore Pl. (slated for 2013 completion), along with the construction of the Ravenna mixed use property on Oakland Ave. at the Village’s northern border (slated for completion later this year), all part of Shorewood’s Tax Incremental Finance District (TIF). The momentum continues with the search for an appropriate developer for the Capitol/Wilson Dr. location.
The site was the location of the former Riverbrook restaurant that replaced the Pig ‘N Whistle restaurant that closed in 1992. The Riverbrook then closed in 2008 when the site and adjoining property were purchased by Sunrise Senior Living Inc. of McLean, Va. Sunrise had planned to develop an assisted-living facility on the property, but dropped the project due to the recession. The 3.2-acre site was recently sold to an entity associated with Wangard Partners, Inc., a commercial real estate firm in Milwaukee.
For more information, contact Shorewood Village Manager Chris Swartz at 414.847.2701 or e-mail email@example.com.
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