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posted: 6/22/2013 8:00 AM

Libertyville to consider $2 million-plus offer for Bolander Park

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  • Libertyville officials are weighing an offer of more than $2 million for Bolander Park and the small office building on the 5-acre site. Pathways Senior Living hopes to build an assisted living facility on the property.

       Libertyville officials are weighing an offer of more than $2 million for Bolander Park and the small office building on the 5-acre site. Pathways Senior Living hopes to build an assisted living facility on the property.
    Paul Valade | Staff Photographer, 2012

 
 

Bolander Park in Libertyville could become the site of a senior living development if village officials accept a $2.05 million offer for the property.

Pathway Senior Living LLC, which operates facilities in Vernon Hills, Round Lake Beach and several other suburbs, is being recommended by village staff as the best of five suitors for the park and administrative offices at 625 W. Winchester Road.

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"We were pleased obviously with the amount of offers and the number of offers," said Village Administrator Kevin Bowens.

"Four of the five in general were for some type of senior living facilities and the other happened to be a townhouse development," he added.

Three of the five met the village's asking price of $2,050,000, but Pathway's financial capabilities and track record gave them the edge, according to Bowens.

At just over 5 acres the park is one of the smaller ones in the village's inventory. The open space there is used for sports practices on occasion but no organized games. There also is a maintenance building and an outdoor roller/hockey rink.

Only four staff members work in the ranch style building that once housed the Bolander construction company.

"We really didn't need the space from the standpoint of offices in the building," said Mayor Terry Weppler. "So, it was `OK, how de we best use this property?' "

The village decided a year ago the property was expendable and it has been actively marketed by a real estate agent since last fall.

"The property is underutilized and was facing a significant amount of restoration work," Bowens said. The village acquired the property in 1997 for nearly $1.4 million. It was appraised before being put on the market at $1.75 million.

The village board on Tuesday will consider whether to accept a letter of intent from Pathway and authorize staff to prepare a real estate contract for future action. Pathway intends to develop an assisted senior living facility, but a company representative declined to discuss details before village board action.

Weppler, whose law practice includes real estate work, said interest in the Bolander site is a general sign of confidence in the economy.

"Building in general all of a sudden is taking off," he said.

Bolander isn't the only recreational asset on the village's for sale list. The driving range and family entertainment center at the Libertyville Sports Complex on Route 45 and Peterson Road have been available for years though are not currently listed.

Those were offered for sale because village officials want to reduce the debt on the Sports Complex, which opened about 11 years ago.

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