MBI Closes on Third Real Estate Parcels Sale
Moody and JDL confirm third close on campus redevelopment transaction
Dear Moody Family,
Today marks the third closing between Moody Bible Institute and JDL in a series of related real estate transactions involving Moody properties located west of Wells Street – also known as “North Union”.
The real estate parcel included in today’s transaction is the land between Wells St, Franklin St, Locust St & Chestnut St. The properties on this block were used to support the offices and distribution for Moody Publishers and over the last decade have been strategically relocated, or were moved to The Chapman Center in 2018. (See map below).
This 3rd phase of our campus redevelopment initiative continues our vision for 2030, where we prayerfully strive to double our portions for impact that Moody can make in the local and global communities as we commit to “Proclaim the Gospel, and equip people to be Biblically grounded, practically trained, and to engage the world through Gospel-centered living”.
And as mentioned during our Town Hall meeting last week, we remain steadfast in our fiscal stewardship of every good and perfect gift coming from above. Through these transactions, we are able to prepare for a great future with strategic growth of Moody’s ministries, provide even greater resource for our students, and further strengthen our financial position to continue operating our ministry debt-free for many years to come.
Today’s transaction will generate approximately $30M for Moody and brings our total proceeds from the North Union development to about $144M thus far. Within weeks of this closing, we expect JDL to begin work on this parcel and will keep you updated on any related street closures and other traffic issues.
As we shared in previous updates, the 4th and final phase of the “North Union” planned development project will first require JDL to construct a new athletic facility in place of the Solheim Center. This new facility (also known to some as Solheim 2.0) will allow Moody to continue providing for athletics, intramural sports, fitness, and potentially even mix-use space for conferences and other student needs. Until then, Solheim remains fully opened, and will not be turned over to JDL until the new facility is operational. Click here to read our FAQ and view our past announcements.
Thank you for continuing to pray with us!