5009 N. Sheridan Road is now vacant but was once home to a nursing home that housed mentally ill patients. There were many accusations regarding this nursing home including abuse of patients, etc. but who really knows. All we know is that the nursing home was shut down and is now vacant. The loan on the property was $27 Million. The loan was recently sold to Zidan Management Group, Inc, according to Crains Chicago Business, for only $2.7 Million! Zidan is an apartment firm that owns apartment buildings in Michigan and Indiana. This would be their first purchase in Illinois.
At the end of the day, there are many questions surrounding this property. What will it become? The increasing demand for North Side apartments makes this an excellent acquisition for Zidan. The conversion costs will be astronomical, but the end result should be a huge net return and a GREAT benefit to the area.
I look forward to seeing what comes of these plans, but rest assured, almost anything is better than what is there right now; a vacant building in an excellent location. Close to the lake, close to transportation, on the north side of Chicago.