Thursday, January 26, 2012

A Multimillion Dollar Jesuit Real Estate Purchase

The Cardinal's Residence
While the adjacent St Joseph’s University has sought for decades to expand across Cardinal Avenue by acquiring the Archdiocesan' "Cardinal's Residence" parcel -- even placing a standing offer for the property in the mid-2000s -- an open bidding process is expected to be held. Despite having spent $92.5 million in 2005 to buy and adapt a 38-acre parcel across the street, the Jesuit-run school is still considered the most likely party to make the winning offer for its neighboring diocesan plot. That result would echo the most prominent house-sale by an American hierarch in recent years: Cardinal Sean O’Malley’s $172 million, three-part deal with Boston College for the famed Brighton Chancery compound, whose 65 acres served as the nerve center of the New England archdiocese for over a century.

4 comments:

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Anonymous said...

So what? Colleges and universities make large capital investments all the time.

Anonymous said...

St. Joseph's University is an independent corporation run by a board, so it is an entirely separate entity from the Jesuit order. To call this a "Jesuit purchase" is entirely inaccurate and completely uncharitable to say the least.

Anonymous said...

Fellow Anony.:The authors know this--they just love to throw stuff up to the ceiling and see if it sticks.