The Archdiocese of Philadelphia (“AOP”) was seeking to monetize some of their real estate holdings that were not critical to their ongoing operations. Cathedral Place is a 4 acre “L” shaped parcel adjacent to the Cathedral Basilica of Saints Peter and Paul in one of the most strategically located development sites in Center City Philadelphia. With a proposed rezoning Cathedral Place could accommodate over 2 million square feet of building area, making it one of the City’s largest ongoing development projects, and a potentially significant resource for the Archdiocese.
RESGroup was retained to help the AOP select a development partner for this important opportunity. The AOP had many objectives for Cathedral Place, including maximizing revenues to fund their important work, accommodating 20,000 square feet of AOP uses (rectory offices, a community room, a bookstore, and church residences) at no cost to the AOP, and having a development scheme that was compatible with the Basilica and with the surrounding community. These goals guided RESGroup throughout the developer solicitation process.
RESGroup drafted and marketed a request for qualifications (“RFQ”) to attract national, experienced, and qualified developers, utilizing internet marketing and direct contacts. After reviewing and summarizing the RFQ responses, a short list of the most qualified and financially capable developers was selected to receive a more detailed request for proposals (“RFP”) to the AOP for the creation of a development agreement and sale / long-term lease of the site. Two developers were invited to provide a best and final offer (“BAFO”). RESGroup ultimately assisted in the selection of a finalist to negotiate business terms with the AOP. Due to the size of the proposed program, the developer is utilizing a phased approach with a mix of uses. Phase 1 was completed in 2022.
