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 in 1851 in the Jesuit tradition of academic excellence, Saint Joseph’s University is a top-ranked Catholic University that provides a rigorous, student-centered education. With a total enrollment of 8,500 undergraduate and graduate students, SJU offers a wide-array of academic programs designed so that each graduate enters the world with a competitive resume and global perspective. This is achieved through intense academic study led by thought-leading faculty scholars, a comprehensive campus experience and robust study abroad, service-learning, internship and co-op programs. Upon graduation, nearly 100 percent of students are employed, pursuing advanced degrees or volunteering in prestigious service programs. A member of the Atlantic 10 Conference, SJU offers 20 Division I intercollegiate men’s and women’s sports. SJU alumni – over 60,000 strong - provide a powerful network that spans the globe.



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