Proudly Announcing Lease and Development of Parking Lot to Benefit Mission of West Catholic Prep
March 11, 2022
Dear Members of the West Catholic Prep Community,
As you have seen from our communication over the past 18 months school leadership been exploring a potential long-term lease of the school parking lot and auxiliary building. I am writing to you today to announce that the long-term lease has been finalized and the transaction has taken place.
The property will be developed by EQT-Exeter, a property group headquartered in Radnor Pennsylvania. Their plan calls for the construction of a 327-unit apartment building on the site. Construction is currently underway and is projected to be completed in November of 2023. While construction is taking place, parking is being provided to faculty and staff at a nearby site. Upon completion of construction, parking will be provided on site for the school.
The potential for this development opportunity was initially proposed by the school’s Board of Directors over two years ago as a way to leverage the value of the parking lot and provide additional resources for the students West Catholic Prep serves and will continue to serve in the years to come. Through an agreement with the Archdiocese of Philadelphia and the Faith in the Future Foundation, proceeds from this transaction will be used to make significant facility investments and to nearly triple the size of the school’s current endowment. The growth of the endowment will provide the school approximately $400,000 annually to increase tuition assistance, enhance academic programming, and supplement staffing.
I’m incredibly grateful for the support of senior leadership at the Archdiocese of Philadelphia and the Faith in the Future Foundation, who recognized the importance of this development and the value it will provide to our school and the students we serve.
Our Board of Directors has worked tirelessly on this project for the past two years and it wouldn’t have been possible without their knowledge and expertise. This is a transformational moment for the school and will provide us with even more resources so that we are better able to live our mission of preparing students for life. I hope you will join me in celebrating this momentous occasion.
Andrew Brady ’02