Georgian Court University will expand its facilities while shrinking its footprint by 42 acres.
On March 22, GCU announced it will sell the mostly unused and undeveloped land from its more than 150-acre campus to Beth Medrash Govoha Lakewood yeshiva, the culmination of two years of discussions.
GCU said the transaction would allow both institutions to accelerate their growth. It also highlighted a larger significance, that of strengthening the relationship between the schools, which share a commitment to providing education to the Lakewood community.
Marbach
“As a Catholic university, we are called to be responsible for each other and care for the common good,” said Georgian Court University President Joseph Marbach. “This mutually beneficial partnership reflects our commitment to our core values and the Mercy tradition. It enables both communities to forge ahead to a better and brighter tomorrow.”
At GCU, that will entail moving ahead with projects from its 2019 Master Plan to update facilities and preserve historic entities.
“While we have one of the healthiest endowments of any independent educational institution in New Jersey, this deal monetizes our existing assets, namely our largely undeveloped and unused land,” Marbach said. “It allows us to expedite plans to further reinvest in our school.”
Four projects will be advanced:
- Construction of a new center for nursing and health sciences
- Reimagining the school’s 1899 Casino into a modern student center
- Updating its historic Mansion into an administrative hub
- Modernizing the campus’s student housing for current students, and to entice more.
A timeline for the work is undetermined, the school said, but assured minimal disruptions to campus life and learning.
Since 2015, GCU said its invested $20 million in renovations and updates at the campus. According to the school, together with other funding, the 42-acre sale will bring that total to $75 million over the next five years.
