AURORA, NY (607NewsNow) – Wells College could be a senior housing complex in the near future.

A Chicago developer has reportedly signed a $10 million purchase agreement for the former Aurora campus.

According to WXXI in Rochester, Paul Warshauer’s proposal would turn about half of the 113-acre property into an independent living facility, with additional assisted living and memory care options.

The 72-year-old says his firm, which specializes in reuse of historic properties, has no desire to demolish any buildings. The athletic facilities would be grouped for another operator focusing on youth or community sports. Additionally, the remaining buildings could still potentially be utilized for an educational purpose.

The tentative deal comes after the failed $12.5 million agreement from the Hiawatha Institute. Warshauer says the development could cost up to $60 million, and he intends to retire there himself if the deal goes through.

A tentative closing date is set for February 15, subject to court proceedings and additional review.

In 2024, Wells College closed for financial reasons after 156 years of operation.