The 100 seniors living in the apartment facility on Pine and Sixth Streets were told they needed to find a new place to live this afternoon.
Residents have until the end of the spring to leave the St. Barnabas Senior Living Services-owned building. St. Barnabas has been trying to sell the unprofitable apartments, and recently found a buyer in local developer John Clark.
Clark said plans are still in the early stages. He's unsure what will become of the site, but expects to have a plan in place by the time the deal closes in the next six months.
Board spokesman Mark Keown said the building hadn't been profitable for years, making it next to impossible to keep the apartments open.
"That's not a feasible thing to do. We can't refinance, we can't pay off any of our debt," he said.
To keep the apartments afloat, St. Barnabas would need to raise $150,000 and double or triple rent in the roughly $1,000 apartments, Keown said.
For more information, read tomorrow's Times Free Press.