With the demand in North Side housing, a developer has proposed to turn a former nursing home into rental apartments.
Stuart Shiner, president of Highland Park-based SDS Development Inc. paid just under $1.28 million last April for the 29,190-square-foot building at 1470 W. Carmen Ave., according to Crain’s.
His aim is to convert the five-story red brick property, a former 113-bed nursing home on the north edge of Uptown, into an 18-unit rental development.
Shiner has converted several commercial buildings into condo buildings before, but with housing sales predicted to stay low, he opted to make the building a rental.
“We may go condo in the future,” Shiner told Crain’s. “But we’re going to wait until times get better.”
Shiner paid 35% less than the asking price of $1.95 million for the elevator building, which had been vacant for several years.