SJU, Archdiocese Sign Letter of Intent for Purchase of the Cardinal’s Residence

Story Highlights

  • SJU to aquire 8.9-acre property from Archdiocese.
  • $10M purchase agreement to be signed in several weeks.

Friday, September 7, 2012

PHILADELPHIA (September 7, 2012) - Saint Joseph’s University announced today that it has signed a letter of intent with the Archdiocese of Philadelphia to acquire the 8.9-acre property at the corner of City and Cardinal Avenues known as the Cardinal’s Residence.

The Archdiocese put the property up for sale earlier this year as part of its reorganization.  It is contiguous to the University’s 48-acre Philadelphia campus and includes a three-story, 23,350-square-foot main building and two additional buildings.

“Acquiring this adjacent property presents an opportunity that will be integral to the University’s long-term strategic planning, “ said Saint Joseph’s President C. Kevin Gillespie, S.J.  “As we look to the future, this opens exciting possibilities for the University community, and it will further enhance our students’ experience for decades to come.”

The letter of intent is the first step in the acquisition process.  It is expected that both parties will sign the actual purchase agreement – with a purchase price of $10 million - within the next several weeks.  Funding for the purchase is coming from a combination of donor support and internal resources. 

Father Gillespie noted that the University has no immediate plans for development on the property and will evaluate its possible short-term use for administrative offices.

Media Contact

Harriet K. Goodheart, Assistant Vice President for University Communications, 610-660-1532, hgoodhea@sju.edu


Background

Founded by the Society of Jesus in 1851, Saint Joseph's University advances the professional and personal ambitions of men and women by providing a demanding, yet supportive, educational experience. One of only 152 schools with a Phi Beta Kappa chapter and AACSB business school accreditation, Saint Joseph's is home to 4,650 traditional undergraduate day students, 700 College of Professional and Liberal Studies adult undergraduates, and 3,600 graduate and doctoral students. Steeped in the 450-year Jesuit tradition of scholarship and service, Saint Joseph's was named to the 2012 President's Higher Education Community Service Honor Roll for General Community Service. The University strives to be recognized as the preeminent Catholic comprehensive university in the Northeast.



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