NEW YORK CITY-Manhattan’s Community Board 2 will hold a public hearing on a rezoning proposal for the former Saint Vincent’s Hospital site that would pave the way for residential and retail uses on the east side of the West Village campus. Developer and real estate manager Rudin Management Co. Inc. is proposing a 590,660-square-foot mixed-use residential development just east of Seventh Avenue and West 12^th Street that calls for seven, 16-story buildings, as well as a 564-seat elementary school and a 15,000-square-foot park. Under the plan, four existing hospital buildings would be converted for residential use, while four others will be demolished to allow for new construction to take place.

The mixed-use component of the plan is just one element of the total redevelopment for the shuttered hospital campus, which Rudin and North Shore LIJ-Health System plan to transform into a freestanding 24-hour emergency and ambulatory surgery facility. The US Bankruptcy Court in Manhattan approved a $260 million sale of the site in April, and LIJ plans to invest $110 million for the redevelopment of the landmarked O’Toole building on the West Side of Seventh Avenue into a Center for Comprehensive Care. Rudin is providing $10 million to offset North Shore-LIJ’s costs for the historic structure.

A source close to the deal tells GlobeSt.com that $525 million in construction financing has been secured for the residential portion of the plan from Bank of America, Bank of New York Mellon Corporation, M&T Bank and JP Morgan. The developers are anticipating a fall 2013 opening and expect the project to be completed by the third quarter of 2015.