April 22, 2005 - Archdiocese of Boston Announces First Reconfiguration Property
Sale Agreements
(Boston, MA) April 22, 2005… The Archdiocese of Boston today announced
it has signed purchase and sale agreements to sell four of the properties associated
with its reconfiguration plan. These agreements result primarily from the
solicitation of offers that began on November 15, 2004. The closings of these
sale transactions are likely to occur over the next several weeks subject to
the satisfaction of a number of terms including the continued process of due
diligence.
The properties under agreement are as follows:
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Property Name & Location
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Buyer Name
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Intended Use
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Former St. Joseph, Salem
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Planning Office for Urban Affairs, Inc
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Mixed Use; primarily affordable housing
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Former St. Joseph Parish, Waltham
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Eastport Real Estate Services, Inc.
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Mixed Use; Church, housing, school, affordable
housing
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Former St. Joachim Parish Rectory, Rockport
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Stanley Poole
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Single family housing
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Former St. James Parish, Medford
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Northshore Construction & Development
Inc.
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Market Condominiums
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“This first group of properties has attracted interest
from a variety of buyers. With the able assistance of our Real Estate Advisory
Committee and the advice and approval of the College of Consultors and the
Finance Committee, we have entered into these agreements. They represent a
combination of optimal financial proceeds and reuses that consider the significance
of the properties in the communities where they are located,” said David Smith,
Chancellor of the Archdiocese of Boston. He continued, “We are especially
pleased that these agreements involve both affordable and market rate housing,
worship sites for other religious denominations and educational institutions.”
“We are pleased with the level of activity and
feel it validates the fair and open character of the Archdiocese real estate
disposition program,” stated Bill Mccall, Chairman of the Real Estate Advisory
Committee.
The Process for Evaluating and Accepting Offers
The offers, solicited over a 90-day period, were
evaluated by the Archdiocesan Real Estate office and the Real Estate Advisory
Committee. After these consultations Mr. Smith brought forth recommendations
to Archbishop Sean for the Archbishop’s consideration. The Archbishop then
presented offers for these four properties to the members of the Archdiocesan
Finance Council and the College of Consultors
for their approval, which he received.
The Archdiocese will continue to solicit and review
bids on a number of properties associated with its reconfiguration plan. In
addition to the first group of sixteen properties offered in November, the
Archdiocese is presently accepting bids on fifteen additional properties. Mr.
Smith will continue to report on a monthly basis in The Pilot on all funds
generated from property sales and the use of any of these funds. A complete
list of properties being marketed is available at http://www.rcab.org/Parish_Reconfiguration/realEstate.html
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