The president of the Chicago real estate firm under contract to purchase the 51-acre Bethany Theological Seminary property near Lombard says the door has all but closed on a charitable organization that wants to turn the site into a center for seniors and troubled teens.
Denny Stine, president of Shaw Co., said his organization is preparing to bring forward an annexation plan for the property that Lombard officials can begin considering in a matter of weeks.
He said the leaders of the charitable organization known as the DuPage Bethany Village Coalition should turn their attention to other properties in the area.
“This property will be developed. That’s what is going to happen,” Stine said. “The property is under contract, which means it’s gone, as far as they are concerned. This is no longer a possibility for them.”
But Stine did say the contract his company has secured contains contingencies he would not disclose.
Meanwhile, coalition leaders continue to hope they can acquire the property at the northwest corner of Butterfield and Meyers Roads.
David Sweeney, executive director of the DuPage Bethany Village Coalition, said his organization estimates the value of the property is at least $14 million and should be able to make Bethany Seminary a cash offer later this year.
“I think as we get closer to (the end of the year), that is going to surprise a lot of people,” Sweeney said. “I think the opinion of the Shaw Co. is that we are a lot further behind than we are, and the public perception is that they are further ahead than they are.”
Stine said his company’s proposal for the site is being organized with the encouragement of Lombard officials. He said the company will bring forward plans that reflect what has been discussed with village leaders during the past year. That would include a mix of residential and retail uses.
Village Manager William Lichter has said Lombard would like to see condominiums or other owner-occupied residential units combined with a high-end retail.
Sweeney acknowledged the parcel could be developed. He also said the coalition has organized a list of other properties that could fit its needs.
However, he said the group will not pursue them until the title on the Bethany property officially changes hands.
The Bethany buildings have been vacant since 1994, when the seminary moved to Indiana. The land has been considered prime for some form of development, but action has been slow in coming.
The 4-year-old coalition, which incorporated last year and has a 1997 operating budget of $500,000, would like to use the classrooms, conference rooms, administrative offices and dormitories on the site. Sweeney said the organization’s “circle of friends” has grown to nearly 1,000 members, and the coalition will attract corporate dollars to help meet its fundraising goals.
Coalition leaders would like to acquire the seminary property and raise additional funds toward their expressed goal of turning it into teen and senior housing, an alternative school for youths and space for other programs.
Sweeney said that beginning this fall, the coalition will hold weekly meetings at area homes, churches, police stations and other locations where teens can come together with senior mentors and other facilitators to discuss their problems.
