Posted on 03/23/22
| News Source: Patch-Lakewood
Georgian Court University, the private Catholic university in Lakewood, is selling 42 acres of land to Beth Medrash Govoha, the second-largest Orthodox Jewish yeshiva the university's president announced Wednesday.
Georgian Court officials would not disclose the sale price, but said negotiations have taken about two years, after a few years of on-and-off discussions.
"All the legal paperwork has been signed, but this will not happen overnight," said Stacey Ehling, a spokeswoman for the university. "There is a multi-year plan that includes a phased-in approach to the transfer of ownership, which is anticipated to begin this summer."
The 42 acres are on a "mostly unused and undeveloped" portion of Georgian Court University's property, which spans more than 150 acres, the university said in announcing the sale.
University president Joseph Marbach said the proceeds from the sale will allow Georgian Court to "fast-track projects under the university's 2019 master plan, allowing for reinvestment in the historic heart of campus and the enhancement of facilities to meet the evolving needs of the GCU community and rapidly growing academic programs."
"While we have one of the healthiest endowments of any private educational institution in New Jersey, this deal monetizes our existing assets, namely our largely undeveloped and unused land. It allows us to expedite plans to further reinvest in our school," Marbach said in a news release.
"After many months of careful thought and planning on all parts, we are pleased to see this initiative moving forward," said Howard Friedman, chairman of the board of Beth Medrash Govoha. "It's a win-win and a great next step for the future of Lakewood."
Georgian Court is planning to build a cutting-edge center for nursing and health sciences, which is one of its most well-known programs, to expand the program's offerings as the demand for nurses continues to grow rapidly.
In addition, the university is planning to update the 1899 Casino to be "a new, modern student center, to meet the needs of the 21st-century student and increase accessibility to some of our core support programs," the university said.
Updates are planned to the Mansion, which will be used as the hub for its administrative services, and student housing will be modernized to encourage additional enrollment of residential students. Many of its current students are commuters who live in the local area.
The land purchase will allow Beth Medrash Govoha, the second-largest yeshiva in the world and largest outside Israel, to add student housing, officials said.
"This expansion, which is close to the BMG campus, is needed and may ease the demand for housing while minimizing and even easing traffic and parking impacts in the area," the news release said.