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Real Estate & Retail

Housing pitched for old St. Vincent

January 20, 2009

Old St. Vincent HospitalIvy Tech Community College is working with private developers on a plan to turn the old St. Vincent Hospital into a housing complex for Ivy Tech and IUPUI students. The deal, if finalized, could save the vacant 1913 building from a wrecking ball. The plans call for a 100-unit apartment complex, ranging from one-bedroom to four-bedroom units, for a total of 250 beds, developed by two companies also involved with the Paramount student housing complex. The developers, Paramount Realty Group and Alboher Development Co. Inc., would get the building on Fall Creek Parkway and a 100-year land lease on the property in exchange for pouring more than $18 million into renovations. Ivy Tech, meanwhile, would consider other land for expansion of its adjacent downtown campus. The full story, reported in last weekend's print edition, is here. Can they pull it off?
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