Business & Tech
Developer Scraps Plans for Shorewood Senior Housing Development
Citing a change in the investment environment for specialized housing and recent market trends, Chicago-area developer Pathway Senior Living said it will no longer pursue senior housing plans at the former Riverbrook Restaurant site.
A Chicago-area developer has scraped plans for a $15-to-$16 million senior housing development at the former Riverbrook Restaurant site, village officials announced Friday.
Pathway Senior Living LLC proposed the development in early May, which would have included 48 one-bedroom and nine studio apartments in a four-story structure on a 3.2-acre site on the south side of the 1100 block of East Capitol Drive, between the Milwaukee River and the Oak Leaf Trail. It also included three memory-care units serving 42 seniors suffering of Alzheimer’s or other memory disorders in a two-story and one-story building.
Pathway Principal Robert Helle said in a statement Friday recent market trends and changes in the investment environment for specialized housing caused them to reevaluate the development plans.
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Village Community Development Authority Chairperson Pete Petrie said the developer did back out of development discussion, but the village is actively in discussion about other developments for the site.
"The village would have liked to move forward with the development, but we are looking at other options for the site," he said.
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The parcel was from Sunrise Senior Living Inc. for $1.5 million.
Senior housing on the property isn't a new idea. Sunrise proposed a $16 million senior housing development at the site in 2008, but scraped the plans after the recession hit. The building laid vacant until would reimburse the village through a special assessment on its tax bill.
Shorewood has since recouped the funds, as Sunrise paid back the $60,000 as part of closing the deal with Wangard.
Village officials have previously said they would like to see when the market improves.
Petrie said Friday senior housing is still the top development option on officials' list, but they will field proposals from other developers.
The site was the popular Pig 'n Whistle for more than 50 years, until it became Riverbrook Restaurant in 1992.
, both of which are mixed-use retail and apartment structures.
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