Wednesday, July 04, 2007

Final building site at former Bethany Seminary location is sold.

Sunrise Senior Living has purchased the final building site at Fountain Square of Lombard, Ill., completing a 15-year process of selling the former location of Bethany Theological Seminary. Bethany formed Fountain Square, Inc., with the Shaw Company of Chicago to sell and develop the property in cooperation with the city of Lombard. The seminary relocated to Richmond, Ind. in 1994.

The 50-plus acres in Lombard now are home to a mixture of stores, restaurants, condominiums, a hotel, and the anticipated senior living community. The property includes ponds and green space.

"I'm quite satisfied with the new occupants of the property," said Eugene F. Roop, president of the seminary. "Fountain Square of Lombard was an unexpected way to creatively influence the development of that retail, restaurant, and residential complex. Each business has a vested interest and say in the governance, as opposed to a group of businesses leasing space, with one owner who can sell the entire property for a financial return. We publicly express deep appreciation to the Shaw Company and to its president, Denny Stine, for their commitment and persistence in seeing the project through with us."

The income that the seminary received when Fountain Square, Inc., was formed retired all previous debt. Additional revenue has been invested in an endowment to fund scholarships and Bethany's educational programs.

--Marcia Shetler is director of Public Relations for Bethany Theological Seminary.

Source: 07/04/2007 Newsline

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