Chicago Campus Redevelopment Update
An update from Chief Operating Officer, Mark Wagner
Dear Moody Family,
As you know from prior updates, Moody Bible Institute has been prayerfully engaged in a thorough, purposeful process to sell approximately eight (8) acres of “non-core” portions of our Chicago campus real estate. We recently announced that JDL, a prestigious Chicago-based firm, has been selected as Moody’s real estate partner.
With JDL, we chose the best partner to develop this land and secure the necessary resources to grow our outreach and increase our educational impact. We are excited about the opportunity to establish a state-of-the-art campus better suited for the 21st Century and further our mission, positioning us to double our impact and reach by 2030.
The Lord has been gracious in providing us with the resources needed to fund our ministries over our 134 years, and we have sought to be wise stewards of Kingdom resources. Moody owns all of our assets outright and have no debt, resulting in most of the sale proceeds augmenting our 2030 campus redevelopment plan. Remaining proceeds will also bolster our long-term reserves and student endowments funds.
Please note that while Moody will no longer control the land after the closing (which will not be for many months), the development agreement provides Moody the opportunity to review JDL’s plans for permitted uses in the new development and ensure future uses of the property will continue to serve and support our larger Near North community. We have also placed moral and ethical restrictions and guidelines within the request for proposals that reflects our faith values.
JDL will own and develop these non-core portions, which are generally located west of Wells Street and includes the Solheim Center. Moody retains our holdings generally located east of Wells Street.
Given the size of the parcel and the complex nature of local zoning and development in downtown Chicago, it is anticipated that construction will take several years to complete after receiving the zoning approvals from the City of Chicago.
We will let you know via email when updates are made.
Thank you, in advance, for your continued prayers as we look forward to closing on the property.
Chief Operating Officer