SJU, Archdiocese Sign Letter of Intent for Purchase of the Cardinal’s Residence
- SJU to acquire 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.