Hazelden, one of the world's largest operators of substance-addiction treatment centers, expects to close next week on the six-story building at 283 West Broadway that was a failed residential condominium conversion project known as TriBeCa 5, according to an article today at crains.com by Amanda Fung.

The non-profit organization will purchase the building, which is between Canal and Lispenard streets, from The Dynamic Group, the developer, and its lender, Inland Mortgage Capital Corporation, the article said, adding that Mark Mishek, president of Hazelden, declined to disclose the financial details.

The failed downtown Manhattan condo conversion, Tribeca 5, will be reborn as the home of a new facility operated by Hazelden.

Mr. Mishek, the article noted, "said he toured 30 buildings before finding 283 West Broadway, which is not far from Hazelden's 10,000-square-foot Chelsea space, located at 322 Eighth Ave. That location is dedicated to an outpatient adult addiction program and continuing care group. The nonprofit has been in the Chelsea space for roughly seven years."

"The new TriBeCa housing facility," the article continued, "will target young adults age 18-29, who have recovered from alcohol and drug abuse and need post-treatment services. The second through sixth floors will house up to 30 students, six per floor, while the first floor and basement will be used for recovery programs and meetings. The property, which has been empty for a year and a half, is 80% complete and Hazelden will invest under $2 million to finish it, said Mr. Mishek, who expects the facility to open for students in the fall of 2011. He also expects to get proper approvals from the city to operate programming on the first floor and basement of the building, adding that no additional zoning changes are needed for the housing facility."

Hazelden said it will meet with Community Board 1 and local officials to share more details about its plans for the housing on Jan. 12. "We want to make sure we are good neighbors," said Mr. Mishek. Hazelden has also met with owners of adjacent buildings.

"The upcoming deal ends more than a year of litigation," the article said, "between The Dynamic Group and Inland over 283 West Broadway, which was going through foreclosure. In 2005, Dynamic bought the building with plans to convert it into a five-unit residential condominium with ground-floor commercial space.

The estimated cost for developing Tribeca 5 was $14.5 million, according Dynamic, who had claimed in court filings that the planned condo conversion failed because Inland did not deliver its $11 million acquisition and construction loan in a timely manner."

An article in today's edition of therealdeal.com by David Jones said that "Developer Brad Zackson is finalizing a deal to sell his stalled Tribeca Five condominium to Minnesota's famed Hazelden center for drug and alcohol abuse, for as much as $10 million.

A January 14, 2010 article by Ms. Fung at crains.com said that "Tribeca Five should have been completed before the credit collapse, but the completion was instead delayed by two years. As a result, the project's condo offering plan was revoked, potential buyers rescinded their contracts and deposits were returned.