St. Joseph's University intends to shill out $10 million to purchase local property from the Archdiocese of Philadelphia, the university announced last week. The Cardinal's Residence, an 8.9-acre property at the corner of City Avenue and Cardinal Avenue, was put up for sale earlier this year by the Archdiocese.
The property, contiguous to the St. Joe's campus, includes a three-story, 23,350-square-foot main building and two additional buildings. It is on the Philadelphia side of City Avenue.
Currently, Philadelphia Archbishop Charles Chaput resides in the mansion, and will relocate to an apartment at St. Charles Borromeo Seminary in Wynnewood, about a mile down the road, Philly.com reports.
The predominantly landlocked school has no immediate plans for use of the building, the university release states, and it may in the interim be used for administrative office space.
However, said St. Joseph's president, Kevin Gillespie, “Acquiring this adjacent property presents an opportunity that will be integral to the University’s long-term strategic planning. 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 two parties are expected to sign a purchase agreement in the next few weeks, according to the university release.
The archdiocese expects to finish 2012 with at least a $6 million deficit, "even before any extraordinary costs that may be incurred," according to an archdiocese news release. Another piece of real estate, a beach villa retreat for retired priests, will go up for auction on Sept. 15, the archdiocese's release states.
Edited 10:30 a.m.: The Cardinal's Residence is on the Philadelphia side of City Avenue.