Saint Joseph's University seeks buyer for its West Philadelphia campus
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Saint Joseph's University's West Philadelphia campus has been quietly on the market over the last year.
Why it matters: 24 acres of prime real estate in desirable University City is up for grabs, offering a rare opportunity for developers while potentially accelerating gentrification in the neighborhood.
State of play: University spokesperson Joe Kender tells Axios the school would prefer to sell the entire property to a single developer, which could come at any time.
- The Jesuit university is also open to other options, like divvying up the property to multiple buyers.
- Jones Lang LaSalle (JLL) has been handling the sale.
- Any sale would take at least four years to process, Kender says.
The caveat: Kender declined to reveal how much the university is asking and if there are interested developers. JLL also declined to comment.
- The university's properties are collectively assessed at more than $170 million, per the city's online property database.
Between the lines: Kender says "it doesn't make sense" for the university to maintain its West Philly campus, as unused facilities carry maintenance costs.
- "We will be as transparent as we can be with the community" about the sale, he says.
Catch up quick: St. Joe's merged with USciences in 2022, the largest acquisition in the university's history.
- Soon after, officials began exploring selling the newly acquired University City campus.
- The West Philly Local reported earlier this month that St. Joe's was pursuing a sale and meeting with neighborhood groups about it.
Zoom in: The former USciences property straddles Woodland Avenue near Clark Park beside the Schuylkill River.
- Parts of the neighborhood have experienced rapid development and gentrification over the past two decades.
The fine print: Much remains undecided about the university's footprint at the West Philly campus post-sale, Kender says.
- St. Joe's could maintain or lease buildings on the campus for graduate students and research facilities, or move everything to its main Northwest campus.
What they're saying: "Anyone who purchases that land at one fell swoop will definitely change the landscape of that area," Anthony Fullard, president of West Powelton Development in West Philly, tells Axios.
- Donna Henry, executive director of the Southwest Community Development Corporation, tells Axios she's concerned that the university "vacating the site will negatively affect the surrounding area," including small businesses and homeowners.