LAKE VIEW TERRACE : Bankruptcy Judge OKs Sale of Closed Hospital
Saying “I think I’m having a little deja vu, “ a federal bankruptcy judge Thursday approved the sale of Lake View Medical Center for $3.2 million to a group that wants to establish an adolescent drug rehabilitation center there.
Phoenix House, the largest private nonprofit drug abuse agency in the nation, first tried to buy the 15-acre Lake View Terrace property in 1989, with the intention of creating the Nancy Reagan Center. But the group withdrew after intense community opposition apparently caused the former First Lady to pull out, taking her financial backers with her.
The purchase price approved by Judge Kathleen Thompson Lax on Thursday was less than half the amount agreed to three years ago. The sale will not become final until later this summer because a few details must be worked out.
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