After two years of discussion, Beth Medrash Govoha has entered into an agreement with Georgian Court University to purchase it’s buildings along Lakewood Avenue and 36 acres of undeveloped land adding to a total of approximately 42 acres, allowing the Yeshiva to expand and to build student housing units.
Over the next few months, the yeshiva will be developing plans for it’s use and will update as things develop.
This morning, the president of Georgian Court University released a statement on the sale. Read it below.
Today, I am proud to announce that after nearly two years of carefully considered negotiations, we have reached an agreement to sell some 42 acres of mostly unused land at the edge of our campus, and several administrative buildings along Lakewood Avenue, to our neighbors at Beth Medrash Govoha. As a Catholic university, we are called to be responsible for each other and care for the common good. This mutually beneficial partnership reflects our commitment to this core value and the Mercy tradition, enabling both communities to forge ahead to a better and brighter tomorrow.
For Georgian Court, this sale presents an incredible opportunity to meet the changing needs of our students and the greater community by leveraging one of our greatest assets: our geographic footprint. With more than 150 acres, GCU has, by far, the largest campus of any private religious educational institution in New Jersey. The proceeds from this sale will expedite the launch and expand the scope of our master plan, allowing us to reinvest in the historic heart of campus and provide dedicated facilities to accommodate some of our most rapidly growing academic programs. The enhancement of existing spaces and the development of cutting-edge new facilities will propel Georgian Court into the 21st century and improve the student experience, while preserving the classic charm that makes GCU such a special place to learn and teach.
While this sale will allow GCU to reinvest back into our campus and fuel enrollment, it will also contribute to the development of the greater educational community as Lakewood gains respect as a center for the advancement of young people. As stewards of the land bestowed to us by the Sisters of Mercy, we are pleased that this partnership will also provide Beth Medrash Govoha an opportunity to build new student housing units. These residences may ease the demand for housing, reduce local traffic congestion, and improve current parking shortages in the area. While the precise construction timeline is undetermined, it will be planned to impose minimal interruption to the student, staff, and faculty experience.
Our mission-focused commitment to growth and investment in our students and the communities we serve has driven more than $75 million in campus renovations, updates, and improvements over the past decade. With this sale, Georgian Court will build upon our progress, and solid financial foundation, to meet growing demand for our specialized fields of study.
As we look to tomorrow, Georgian Court is poised for a spiritual, intellectual, physical, and operational renewal and better positioned to shape the lives of Garden State leaders for centuries to come.
-President Joseph R. Marbach, Ph.D
While the sale will allow GCU to expedite the university’s reinvestment back into its campus and fuel enrollment, it will also contribute to the development of the greater educational community as Lakewood gains respect as a center for the advancement of young people.
Mr. Howard Friedman, Chairman of the Board of Beth Medrash Govoha, stated: “After many months of careful thought and planning on all parts, we are pleased to see this initiative moving forward. It’s a win-win and a great next step for the future of Lakewood.”
The partnership will provide Beth Medrash Govoha an opportunity to assist with its expansion and add student housing units. This expansion, which is close to the Yeshiva Campus, is needed and may ease the demand for housing while minimizing and even easing traffic and parking impacts in the area.
While the precise timeline for renovations and construction of the new facilities are undetermined, there will be minimal interruption to campus life and the learning experience.
See below renderings of the upcoming expansions plans at Georgian Court University.