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Redevelopment of Old Edgewater Medical Center Stalls

emc_2.1.1It has been over a decade since the old Edgewater Medical Center owner Peter Rogan went bankrupt and was indicted for not paying millions in debt to creditors. The massive site which was to be demolished under a plan by European creditor Dexia was to be redeveloped with a grand vision. A 12 story apartment building, 19 single family homes and a park were envisioned to perk up the neighborhood and hopefully improve declining home property values. Dexia hired O’Connor and Waveland Partners in 2009 to market the site for development, but sadly no financiers were found.

So the property has continued to sit vacant and local residents have been getting increasingly anxious at stalled possibilities. According to DNA, in order to get the process moving again, the grand vision looks like it could be scaled back in order to find funding. The new plan B, which was presented to The West Edgewater Area Residents Association by Ald. Pat O’Connor (40th) in a 7 question survey this week, set in play new ideas. The site would nix the 12 story apartment building and would increase the number of single family homes to 41. A small park would remain within the scope of the project as well.

The new plan seems to be welcomed by area residents, but they remain skeptical under rumors that Dexia owes over 13 million in unpaid water/sewer bills and county property taxes. Dexia denies those accusations.

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