A solution appears to be in sight for the skeletal remains of what was meant to be Peoria’s first hospital, but instead became a partially built eyesore.
ADB Investments, with an office in Scottsdale, bid $3 million for the property at a bankruptcy auction in September, according to U.S. Bankruptcy Court documents.
“The goal is to build a medical-related building,” said Francis Marotta, a real-estate broker with Marcor Commercial Real Estate Services working on the sale.
He couldn’t yet say if the two-story rusted steel structure along Lake Pleasant Parkway would be demolished or reused.There is much to do before even reaching the planning phase, he said.
That includes closing on the sale, which could take another three months, according to an attorney representing ADB.
The pending sale is the first movement on the property since the owner filed for bankruptcy last fall, days before the city planned to demolish it as a public nuisance.
Long, drawn-out process
Peoria Regional Medical Center LLC had begun building the hospital in the rapidly growing area of north Peoria in 2011.
Financial backing dried up within a year and work stopped.
The city eventually stepped in, citing the property as a nuisance and a safety hazard — exposed electrical materials and open elevator pits line the property, according to a city report.
The property is just a stone’s throw from the Basis Peoria charter school, and residents have expressed concerns that kids and teenagers are attracted to the abandoned structure, risking injury.
The city spent $5,000 to install better fencing and contracted a company to demolish and clean up the site for an estimated $210,000. But days after the city obtained demolition permits, the hospital group filed for bankruptcy. The city delayed demolition as it worked through the courts.
Peoria officials plan to reach out to the new owner once the sale closes, a city spokeswoman said.
Reach reporter Joshua Bowling at firstname.lastname@example.org or 602-444-8138. Follow him on Twitter @MrJoshuaBowling.