Surprise! MRC back on the market

East coast developer Hogan attempts to flip former MRC
 
The former Missouri Rehabilitation Center, 600 N. Main, which was purchased from the city of Mt. Vernon by developer Timothy S. Hogan for $600,000 on July 2, is already going back on the market. The 123-acre property is now listed on the website www.Loop.Net as going up for auction between Oct. 5 and Oct. 7, with a starting bid of $900,000.
When contacted about the surprise flip, Mt. Vernon City Administrator Max Springer said that prior to the recent sale of the city-owned property to Hogan, flipping the property had not been discussed between city representatives and Hogan.
Matt Tarshis, principal for Frontline Real Estate Partners, which is conducting the sale, said the firm will begin marketing the real estate to potential buyers starting Thursday, Aug. 20.
“We’re casting a wide net, giving the property is 123 acres,” he said. “We envision a wide variety of interest for this project. It could be a retail developer, a mixed-use developer, a residential house/home developer. Perhaps somebody who wants (to create) some affordable units or work-force housing. Our goal in this marketing process is to cast an extremely wide net and find the buyer that’s going to be the best fit for this property.”
Tarshis added that he believes the person or company that buys the former MRC campus will make use of it in a way that will benefit the community.
“We’re just excited about the opportunity to market a historical property with a lot of opportunity for a variety of uses here,” he said, “and we are looking forward to finding a group that’s going to add value to the property and also provide uses for the city that they would welcome.”
Developer Timothy Hogan referred a media inquiry to his brother, Matt Hogan, principal of Mt. Vernon Investments. Matt Hogan said it was too early to discuss “definitive plans” for the property, but said it would most likely have multiple uses “It will likely be a multi phased mixed use development, and redevelopment approach utilizing the current mixed-use zoning,” he said. “We are marketing the property to a whole host of potential end users and hope to generate strong interest in the near term.”
The MRC listing can be viewed at https://www.loopnet.com/Listing/600-N-Main-St-Mount-Vernon-MO/20471712/.