Jenkins Hall Sold
Foundation Housing purchases Jenkins Hall
Dear Moody Family,
On December 23, we took an exciting and significant step forward with our Chicago campus redevelopment initiative by closing on the sale of Jenkins Hall. The building was sold for $44 million to Foundation Housing, a well-respected, 501(c)(3) nonprofit organization who acquires and redevelops properties to provide affordable housing nationwide.
We will still be able to use a portion of the building for student housing during the Spring 2021 semester. After that, Foundation Housing intends to further evaluate the physical and operational needs of their community and will work towards a redevelopment plan to ensure high-quality standards for the foreseeable future. In addition to housing students in Jenkins Hall, we have also managed more than 90 senior citizen Section 8 apartments in Jenkins Hall. Foundation Housing will continue to care for these senior citizen residents.
Moody purchased the building in 1996, and we were subsequently blessed several years later with significant financial support from Jerry and Dianna Jenkins to help us pay for it in full. With Jenkins Hall no longer part of our housing beginning in fall 2021, our Residence Life team and education leadership have begun developing a strategic housing plan for the Chicago campus and will communicate it with the community when it is finalized.
The sale of Jenkins Hall is a part of Moody’s strategic management of its real estate. As you’ll recall, we offered for sale three parcels of land: Jenkins Hall, a building at 315 Walton Street (we closed on October 8, 2020), and 8 acres on the west side of Wells Street (which is being purchased by JDL). As we anticipate our closing with JDL in 2021, our focus will shift to finalizing strategic plans for the use of the real estate proceeds in building a strong foundation to reach our goal of doubling Moody’s impact by 2030.
These strategic plans will include key investments in infrastructure upgrades to create a state-of-the-art urban campus ready for the next 10 years, growing our education, radio, and publishing ministries, as well as strengthening our financial reserves. We will also build on endowment and scholarships funds. Leadership looks forward to sharing more as we finalize plans.
The Lord has been gracious to us in providing well-respected, professional organizations who will be great neighbors and seek the best for our area of Chicago. May God continue to bless our efforts. And, thank you for standing with us in prayer as we press on with this vital initiative to help us in our vision to double our impact of proclaiming the gospel and equipping believers to engage the world for Christ.
Chief Operating Officer