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Boston College has reached an agreement in principle with the Archdiocese of Boston to purchase 43 acres of the Archdiocese's Brighton property - including the former archbishop's residence and surrounding acreage - for $99.4 million.
Additionally, the University agreed to purchase the adjoining Lake Street Tribunal property in two years for $8 million.
"Boston College will benefit greatly from this acquisition," said University President Rev. William P. Leahy, SJ, at a press conference today. "Acquiring additional space for playing fields and additional facilities has long been a goal for BC."
Leahy was optimistic about what the purchase meant for BC, despite its $107.4 million price tag for the combined 46.25 acres.
"We could not pass up the opportunity for more land," he said, "especially property so close to our campus."
Leahy, who said jokingly that there was "no clergy discount today," said that the University would raise money for the property through a special fundraising campaign.
"We think our alumni will understand the magnitude of this purchase and the impact it will have on our university," said BC spokesman Jack Dunn. Dunn added that the fundraising would have to be complete by planned June 30 closing of the sale. Before then, the Archdiocese will need to seek final approval from the Vatican for the sale.
"We think it is a fair price," said William McCall, chairman for the archdiocesan real estate committee. "This would bring a win/win situation [for BC and the Archdiocese]."
The money will be used to pay off the archdiocese's roughly $90 million in loans used for settlements in clergy abuse cases, Archbishop Sean P. O'Malley said.
"I don't think we had many options, so in my mind, it wasn't a terribly difficult decision to make," he said. "We're just happy that the mission of the Church will continue to take place on this property."
O'Malley said that the sale would "put us on the road to recovery," and that he did not believe it would further harm the prominence of the Archdiocese.
"The church is more important than our buildings," he said. "People are more important than our money."
In addition to the proposed sales of the property, BC and the Archdiocese have also reached an agreement in principal on the remainder of the Archdiocese's Brighton space, and the Chancery and St. John's Seminary properties on it.
Under the agreement, if the archdiocese decides to sell the remainder of the Chancery property (4.75 acres), BC is required to purchase the land for $20 million. If the seminary property were to be sold within the same time frame, BC would be required to also purchase that property for $40 million, plus an adjustment over the last five years of the agreement. The seminary sits on 13.5 acres of land.
At the end of the options period, BC would not be required to purchase the land, but would retain first refusal rights.
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