Wells College Campus Sale: $10M Deal for Senior Living Conversion in Aurora

The Wells College campus sale has a new buyer: Chicago developer Paul Warshauer has signed a $10 million cash purchase agreement for the 113-acre former Wells College campus on Cayuga Lake in Aurora, New York, and plans to renovate about half of it into a senior living community estimated at $50 million to $60 million, WXXI News reported on November 2, 2026 (WXXI News).

Warshauer, 72, reuses historic properties through his firm, Grand Venues. He signed the agreement the Thursday before WXXI’s report, and the deal is now in due diligence, with closing targeted for February 15, 2027 (WXXI News). “We’re in, basically, the due diligence period, the examination period,” he said (Finger Lakes Times).

What Happened

Wells College closed in June 2024 after more than a century and a half of operation (WXXI News; 607 News Now). Since then, the college has been working to sell the lakefront campus in the village of Aurora (WXXI News).

Warshauer’s plan has three parts, according to WXXI:

• Senior living: renovate about half of the property for independent living, assisted living and memory care. No unit count has been released.
• Athletics: group the campus athletic facilities for a youth or community sports operator.
• Education: use the remaining buildings for an educational purpose, possibly a university satellite campus.

The plan calls for no demolition. “For the record, we have no desire at this time to demolish any of the buildings,” Warshauer said (WXXI News). Syracuse architecture firm Holmes King Kallquist & Associates is working on the project, and “a couple” of continuum-of-care developers are evaluating it (WXXI News).

Wells College President Susan Henking said in a statement that the college “appreciates Mr. Warshauer’s interest in the historic and beautiful campus as well as his vision to benefit the Finger Lakes region” (WXXI News).

The Numbers

The senior community alone is estimated at $50 million to $60 million (WXXI News). For comparison, WXXI reported that Warshauer’s project in New Ulm, Minnesota, which combined a theater with 55 market-rate apartments, cost about $15 million. Warshauer was clear that the financing still has to be proven: “We need to really make sure that the numbers work,” he said (WXXI News).

607 News Now reported that Warshauer also plans to retire on the campus (607 News Now).

Where Things Stand

The sale is not final. This is the second attempt to sell the campus. A prior $12.5 million sale to the Hiawatha Institute for Indigenous Knowledge collapsed, and the institute has sued. A court hearing on a motion to dismiss is set for December (WXXI News). Sheldon Gibson, a Hiawatha Institute board member, told WXXI the case “prevents the sale of the property from the Board of Trustees at Wells” (WXXI News). Closing on the new agreement depends on how that litigation is resolved (WXXI News).

“Now it just takes a vision to put all the pieces together, and that’s what we’re doing,” Warshauer said (Finger Lakes Times).

Implications for Owners, Developers, Contractors and Subs

Contractors and subs in Central New York and the Finger Lakes. A renovation-only plan for a campus of historic buildings points to interior conversion, MEP replacement, accessibility upgrades and envelope work rather than ground-up construction. Senior living conversions also bring health care code requirements for assisted living and memory care spaces.

Senior housing demand. The project arrives as senior housing construction nationally sits near a 13-year low while the population over 80 grows. Campus conversions like this one are another route to adding capacity without ground-up construction.

Owners of closed campuses. Across New York, former state and institutional campuses are being repositioned for housing, as with the state’s search for developers at the Utica psychiatric center. The Wells deal is a private-sector version of that same reuse model.

What to Watch

• The December court hearing in the Hiawatha Institute lawsuit.
• Selection of a continuum-of-care operator and a unit count for the senior community.
• Closing, targeted for February 15, 2027.

Bottom Line

The Wells College campus sale has a new buyer with a $10 million cash offer and a no-demolition plan for senior living, athletics and education, but closing depends on pending litigation and on financing for a $50 million to $60 million senior community.

Key Questions

Who is buying the Wells College campus?

Chicago developer Paul Warshauer of Grand Venues signed a $10 million cash purchase agreement for the former Wells College campus in Aurora, New York (WXXI News).

What will happen to the Wells College campus?

Warshauer plans to renovate about half of the Wells College campus for independent living, assisted living and memory care, group the athletic facilities for a sports operator, and use the remaining buildings for education, with no demolition (WXXI News).

When will the Wells College campus sale close?

Closing on the Wells College campus sale is targeted for February 15, 2027, and depends on pending litigation by the Hiawatha Institute for Indigenous Knowledge (WXXI News).

How much will the Wells College senior living project cost?

The senior community planned for the Wells College campus is estimated at $50 million to $60 million; a unit count has not been disclosed (WXXI News).

Related Coverage

• Senior Housing Construction Is at a 13-Year Low, Just as 4 Million More Americans Turn 80
• New York Seeks Developers for About 150 Homes at Utica Psychiatric Center
• Boston Investor Closes $70.5M Deal for 5 Rochester Senior Living Facilities

Image credit: Max Schulte / WXXI News. Image from the source article, WXXI News.

Sources

• WXXI News, “Wells College finds new buyer for historic campus,” https://www.wxxinews.org/local-news/2026-11-02/wells-college-finds-new-buyer-for-historic-campus
• Finger Lakes Times, “Chicago-based developer set to buy Wells College,” https://www.fltimes.com/news/chicago-based-developer-set-to-buy-wells-college/article_e0fb5355-a2b6-4f5c-80b8-7e1c22475e64.html
• 607 News Now, “Tentative deal in place to transform Wells College into senior living facility,” https://607newsnow.com/news/258852-tentative-deal-in-place-to-transform-wells-college-into-senior-living-facility/