43-acre Cardinal Stritch property on sale for $24 million
By Julia Marshall,2023-06-01
The Cardinal Stritch University property in Glendale and Fox Point is officially up for sale after the university announced it would be shutting down at the end of the semester.
According to our partners at the Milwaukee Business Journal, the 43.5-acre property is for sale for $24 million. Real estate professionals previously spoke to the BizJournal, telling them they expect the property to be of high interest to developers.
Some professionals said developers may want to convert the campus into housing, commercial space, or medical offices.
“The subject site by size and location is an exceptionally rare offering in the mature and established North shore suburbs of Milwaukee and represents a once-in-a-lifetime, legacy-level acquisition opportunity,” the listing said.
The listing also listed some challenges, including the need to renovate or demolish some buildings on the property. According to the BizJournal, 4.5 acres on the northwest corner have been leased to the St. Francis Children's Center until November 2047. The listing states that the lease will remain in place until it expires, even if the property changes owners.
Earlier this year, President Dr. Dan Scholz announced the university will close on May 22. He noted fiscal realities, a downward enrollment trend, the pandemic, and the need for more resources for the shutdown, calling it a "no-win situation." The Catholic university is based in Fox Point and Glendale and has nearly 1,200 students.
The BizJournal reports that 476 workers will lose their jobs due to the closure, according to a notice filed with the state’s Department of Workforce Development. Layoffs are expected to begin June 20 in waves. The campus will close on or around Aug. 31. Some workers could stay beyond the closure date to finish wrapping up, the BizJournal says.
The memo says employees will be offered a smooth transition, such as reaching out to other institutions for job openings. The BizJournal reports that all affected workers will be provided 60 days of notice.
Following the closure announcement, numerous local universities stepped up and said they'd welcome Cardinal Stritch students to their campuses, matching tuition and offering assistance for the transition.
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