LAFAYETTE, Ind. (WLFI) - It was announced Tuesday afternoon a developer is purchasing the massive building formerly known as Home Hospital.
Franciscan St. Elizabeth Health is selling the roughly 20-acre site, located on South Street in Lafayette, to a developer called Columbian Park Redevelopment, LLC.
Precise plans for the property are still unknown, as is the purchasing price. But, officials did say the building would be razed.
Columbian Park Redevelopment will be responsible for the demolition, which is slated to cost $3 to 5 million.
Franciscan St. Elizabeth Health will save an estimated $500,000 per year by merely having the site "occupied."
The last thing that was moved out of the building was a computer center back in January. Since then the entire building has sat empty. Most clinical services moved out of the building to Franciscan St. Elizabeth East in February, 2010.
This particular site had its first hospital open in 1869.
The sold property is not all contiguous. Outside of the hospital building, it's mostly parking lots. Some buildings left out of the sale include the IU Health buildings and the parking garage.
In a press conference, Franciscan St. Elizabeth Health President and CEO Terry Wilson, along with Lafayette Mayor Tony Roswarski, described several times how difficult it is to sell a hospital building. Several efforts to sell it or even donate it to a nonprofit group, which including financial incentives from the city, were unsuccessful.
While the sale is a private decision and the developers can do with the property as they want, the city does have some control in the form of zoning changes. Most of the property is currently zoned MR, or medical related.
Roswarski said the city will be working with the neighbors to get something that everybody likes. One thing he mentioned he would like to see is some green space to connect Columbian Park with Murdock Park.
The property itself had been listed for about a year with a national real estate group.
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