A Chicago developer has signed a purchase agreement for the former Wells College campus in Aurora after offering $10 million in cash, according to WXXI News.
Paul Warshauer proposes converting roughly half the 113-acre property into independent living, assisted living and memory care housing, with other portions potentially used for sports and education.
Warshauer said he intends to preserve the buildings and estimates the senior housing development alone could cost $50 million to $60 million.
The agreement follows the collapse of a proposed $12.5 million sale to the Hiawatha Institute for Indigenous Knowledge, which sued the college over that transaction.
The new deal targets a Feb. 15, 2027, closing, subject to court proceedings and Warshauer’s review of the project’s finances.
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