Through partnership and innovation, a hospital complex that sat abandoned for a quarter of a century has been redeveloped. The over $130mm revitalization effort has transformed the once blighted campus into an Innovative Living Community. The complex capital stack included – New Market Tax Credits, State (Illinois Rivers Edge Historic Tax Credits) and Federal Historic Tax Credits, Tax Increment Financing, bridge lending, construction lending, private capital, and municipal grants.
A team of regional and national experts were assembled to undertake the adaptive reuse of the historic property. The result is Bloomhaven, an Innovative Living Community, a mixed used development consisting of Bardwell Senior Living Residences (Independent, Assisted and Memory Care apartments), Weston Bridges (an independent apartment community for adults with cognitive and developmental disabilities that have low support needs), commercial space to bring health care back to the community, and a 1.5 acre park that brought much needed green space to the area.