COR Development took control of the former Mercy Hospital property Monday, according to Watertown mayor Jeff Graham.
Having control of the sprawling complex just west of downtown clears a major hurdle for the developer. COR reportedly received a deed for the property, making it unneccessary to foreclose on it.
Until Monday, the deed for the property was held by MGNH Inc., the company that owned Mercy during the years of its decline.
"The cost of demolition is in the millions. We didn't have a prospect for getting rid of it."
"Now we have a responsible owner overseeing it," Mayor Graham said.
COR plans to build 168 apartments, offices and shops, spending $70 million.on construction. Graham said asbestos removal will begin "soon," followed by demolition starting this fall and completed next spring or summer, with new construction to start "in about a year."
COR has a track record in Watertown, having built two other apartment complexes in the city.
Garaham said the apartments will be targeted at professionals and people over 50 who are ready to downsize.
"Lot of good things for us," Graham said. "This is the real deal."
"I think they (COR) see this as a growth community."
Tuesday, July 26, 2016, Watertown, NY
On Wall Street