Fenwick makes winning offer for Dominican’s Priory Campus

Fenwick High School entered into a order and sale agreement Dec. 3 with Dominican University for the university’s Priory Campus, beating out Oak Park and River Forest Large University and numerous other entities vying for the multi-acre parcel, according to a press launch issued by the college on the very same working day.
More than the summer months, Fenwick, which has extensive leased the athletic fields surrounding Priory Campus from the Dominican Friars spiritual get, was amongst a group of corporations that expressed fascination in the property and submitted a letter of intent.
Dominican President Glena Temple and Vice President of Finance and Administration Mark Titzer mentioned they could not disclose the names of other corporations which submitted letters of intent or the complete quantity of letters they obtained for confidentiality motives. The two also claimed they were being unable to reveal the sale price tag of Priory Campus for causes of confidentiality.
According to a preceding report by Wednesday Journal, Priory Campus, a 7.6-acre lot positioned at 7200 Division St. in River Forest, has been appraised at $8 million.
Underneath the agreement’s because of-diligence clause, Fenwick has 120 days, or 4 months, to evaluate the web-site. That involves physical inspections and “imagining” the site’s likely uses, Titzer mentioned. The information launch clarified that “pending approvals and topic to closing, the sale is predicted to be finalized in the spring.” That clause, stated Titzer, “allows the buyer [a period of time] to totally recognize and take a look at all elements of the property in advance of the human being really closes.”
Asked why Dominican picked Fenwick amid the pool of opportunity customers, Temple explained Fenwick was the “best partner.” Conference sale and land-use expectations and agreeing to extend the lease of the university’s early childcare center, which is located on Priory Campus, were being amongst a record of considerations, and Fenwick continued to arrive out on top rated, she said. Temple additional Fenwick also remained fully commited to trying to keep Priory’s historic buildings.
“I’m of course fired up about this,” mentioned Temple. “We’ve been doing the job on this for a whilst, and it feels like a excellent opportunity for Dominican, for Fenwick, for River Forest and for upcoming collaboration for all of us.”
In a press release issued Dec. 3 by Fenwick, President Richard Peddicord explained the college has however to determine how to use Priory Campus. Peddicord after explained to Wednesday Journal the ton could be used for more house for administrative or athletic workplaces, spiritual retreats or Fenwick arts and tunes courses.
In addition to the sale agreement with Dominican College, Fenwick also declared its strategies to purchase the athletic fields that it leased from the Dominican Province of St. Albert the Terrific. The athletic fields whole out to 11 acres of land, and if Fenwick have been to get all those fields, in addition to Priory Campus, the Oak Park Catholic significant college could very own 18 acres, the push launch mentioned.
“We really do not however know particularly what all the takes advantage of of the land and Priory will be, but considerably like our predecessors in the Fenwick group who did not know what the future would maintain for Fenwick Significant School, we know this is something significant,” Peddicord mentioned in the launch. “We know that this sets Fenwick on a route for even higher long term achievements. We know this was simply just far too great an opportunity to forego.”