Philadelphia, Pa., Sep 7, 2012 / 17:53 pm
St. Joseph's University has signed a letter of intent to buy the Archbishop of Philadelphia's residence from the financially troubled archdiocese at an expected cost of $10 million.
"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," university president C. Kevin Gillespie, S.J. said Sept. 7.
He said the property acquisition is "an opportunity that will be integral to the university's long-term strategic planning."
The residence and its 8.9-acre property are adjacent to the Jesuit university's 48-acre Philadelphia campus. The property's main building is three stories tall and hosts 23,250 square feet of space. It includes a gardener's cottage and a six-car garage.