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As the pandemic wanes, many institutions are re-evaluating their campus footprints and looking for ways to create liquidity, experts say. Land remains one of their hottest commodities.
St. Charles Borromeo Seminary to move to Gwynedd-Mercy University
For almost 190 years, St. Charles Borromeo Seminary has educated thousands of Catholic priests for service in the Archdiocese of Philadelphia and other dioceses.
On Monday, the archdiocese announced the seminary would be moving from its long-time home at City and Lancaster avenues in the Overbrook section of Lower Merion to 15 acres of land and two buildings that it would purchase from Gwynedd-Mercy University in Lower Gwynedd.
The archdiocese will pay the university $10 million, plus the university will receive a $3 million donation from the Maguire Foundation. The St. Charles Seminary community is thrilled to have found such a wonderful new home, and grateful for the generous support of The Maguire Foundation in making this transaction possible, said Bishop Timothy C. Senior, the seminary s rector. While there are mixed emotions involved with department from Overbrook after many years, Gwynedd Mercy
LOWER MERION â Gwynedd Mercy University and Saint Charles Borromeo Seminary recently signed an agreement of sale that will allow the Seminary to relocate from Wynnewood to Gwynedd Mercy University s campus. The sale, which will not be finalized until the end of a separate due diligence and approval period, includes approximately 15 acres of space on the northern border of Gwynedd Mercy Universityâs campus as well as two existing buildings.
Both institutions expressed their gratitude to the Maguire Foundation for a generous $3 million gift to Gwynedd Mercy University that will be supplemental to the $10 million purchase price by the seminary.
âThe Saint Charles Seminary community is thrilled to have found such a wonderful new home, and grateful for the generous support of The Maguire Foundation in making this transaction possible,â said Bishop Timothy C. Senior, the Seminaryâs Rector. âWhile there are mixed emotions involved with departing from Ov
St. Charles Seminary buys 15-acre tract at Gwynedd Mercy University
St. Martin’s Chapel at St. Charles Borromeo Seminary hosts the liturgy for the conferral of acolyte in September 2020. (Photo by Sarah Webb)
By Matthew Gambino • Posted April 19, 2021
St. Charles Borromeo Seminary’s relocation from its longtime Wynnewood, Montgomery County campus to Gwynedd Mercy University took another step as the seminary announced an agreement of sale April 19 for a 15-acre parcel of the university’s property.
The seminary purchased the tract that includes two existing buildings on the northern part of the GMU campus for $10 million, and the Maguire Foundation contributed another $3 million. The sale will not be closed until after a period of due diligence and approval by the seminary and university, according to a statement.