PENNSYLVANIA
Delaware County Daily Times
By Patti Mengers, Delaware County Daily Times
POSTED: 10/02/14
Officials in the Archdiocese of Philadelphia on Thursday announced an agreement of sale for the more than 200 acres that comprise the site of Don Guanella Village and the residential Cardinal Krol Center for developmentally disabled men on Sproul Road in Marple, a deal that they expect will help reduce some of the archdiocese’s underfunded liabilities.
Upon closing the deal, Cardinal Crossing Realty Associates, based in Jenkintown, Montgomery County, will pay $47 million for the property, which the company is seeking to develop for commercial and residential use, said Kenneth Gavin, director of Communications for the Archdiocese of Philadelphia. He said the transaction will require Vatican approval, which has been granted to the archdiocese in other instances.
Archdiocese of Philadelphia Real Estate Advisory Committee Chairman Walter D’Alessio said numerous offers for the Don Guanella property were evaluated.
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