9/30/2010 * The Hook [full story]
The soon-to-vacated North Downtown campus of Martha Jefferson Hospital has been sold to the developer of the Gleason condo complex with a price— $6.5 million— that appears smaller than other downtown deals. But a pair of local investors don’t smell any sweetheart dealing.
“It does sound cheap,” says realtor Roger Voisinet. “But on the other hand, there are some daunting expenses to convert it.”
Voisinet notes that making it an assisted-living facility would probably entail the lowest conversion cost, but he wasn’t sure whether there’s a market for another one of those in town. And Developer Richard Spurzem notes that just holding such a mammoth place can chew up resources.

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