Lincoln Park Hospital to get $25 Million Facelift

December 17, 2009

Daily Real Estate Updates

sudler-sothebys-logo17 December 2009 ? There looks to be new life for Lincoln Park Hospital. North Side developers Richard Zisook & Michael Supera recently took title to the five-building complex located at 550 W. Webster (at the intersection of Geneva Terrace, Lincoln Avenue, and Webster Street). This action ended a $31 million foreclosure case against the former developer, Mark Hunt. According to Mr. Zisook, the new plans call for the comprehensive redevelopment of the three-acre site that will eventually include senior housing, high-end condominiums, and retail. In a bizarre twist, the original lender is the lender again. Fifth Third Bank agreed to issue a $25-million loan to the Supera-Zisook venture. Even more strange, Mr. Hunt had originally handed the property back to the bank after defaulting on his loan. Mortgage records show he will retain a minor interest in the property. Typically, defaulting on a loan extinguishes any equity interest of the borrower. Mr. Hunt is expected to consult with the new developers on the retail aspect of the project.

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About Nancy Gaspadarek

With over nine years in the Chicago real estate market, Nancy continues to enjoy the momentous and exciting process of helping her clients buy and sell homes. Nancy believes that the relationships & friendships that she has developed over the years are priceless. In 2007 she made the decision to partner with Catherine Brennan and the two are collectively known in the industry as The G and B Team. ?It was the best move I could have made?, Nancy says, ?Having a knowledgeable and reliable business partner to counter balance your strengths and have a shared passion to provide top notch service and expertise to all our clients is such a blessing.? Nancy graduated from Florida State University in Tallahassee, where she received a four year scholarship and was the captain of the woman’s volleyball team for four years. Nancy has lived in downtown Chicago for over 14-years in a variety of neighborhoods. Her free time is usually spent playing tennis, golf & running/biking along the lakefront. She participated in the 1998 Chicago Marathon and has competed in a number of triathlons as well. She volunteers with The Friends of Blaine School in Lakeview, as well as Umoja Student Development and loves to travel as much as possible. You can contact Nancy at 773.259.9353 or gandbteam.com

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One Response to “Lincoln Park Hospital to get $25 Million Facelift”

  1. Tim Says:

    This project has not been approved for zoning change yet. 80% of the neighborhood is against this project and are not against redevelopment, but are against this particular plan. The two biggest issues are the face that it is in the historic Mid-North neighborhood in an area where all buildings are 3-4 stories and the hospital tower was never approved to be housing or it wouldn’t have been approved to begin with. Also, with plenty of retail blocks away and the character of the Mid-North neighborhood being non-retail they want the retail portion of the plan removed and the high rise either reduced to 5 stories or less or torn down. As the hospital is the area of 17 single family homes. The Mid-North neighborhood wants either rowhouses or lowrise condo building.

    No High Rise! No Retail! (Mid-North resident)