Campus Redevelopment

Frequently Asked Questions

1. Why did Moody pursue this real estate initiative? Is Moody in financial trouble?
2. Which buildings are part of the Chicago campus redevelopment sale?
3. What will happen with the Solheim Center?
4. How will this redevelopment plan alter our campus map?
5. How long will the redevelopment process take?
6. Did leadership consider long-term land lease options versus an outright sale?
7. Will these real estate sales result in land use that runs contrary to Moody's values?
8. How will Moody utilize the revenue generated from the sale?
9. Why did Moody not seek to re-purpose this land for future Moody-related uses?
10. What effect will this sale have on campus parking?

1. Why did Moody pursue this real estate initiative? Is Moody in financial trouble?  
   Our real estate initiative, which we first announced in July 2019, is a continuation of the past several decades of our Chicago campus real estate vision. During that time, we have been intentional in strategically planning our growth, as well as the scope and configuration of the Chicago campus for our current and future ministry plans. By God’s grace, we have stewarded our resources well and own all campus assets outright; therefore, we are debt free. We are not selling a portion of our Chicago campus real estate portfolio because we are in financial trouble. Through our Chicago campus redevelopment initiative, we will secure additional resources needed to build a strong foundation for our vision to double our impact and gospel reach by 2030. (See question #8 for additional information.)

   For more information about the Chicago campus real estate initiative, please read our July 2019 announcement.

2. Which buildings are part of the Chicago campus redevelopment? 
   Generally, Moody’s properties west of Wells Street and north of Chestnut Street, along with buildings north of Locust Street on east side of Wells Street, have been. The parking garage is not part of the redevelopment (see question #9).

   Please note that (1) JDL is purchasing and developing the property west of Wells Street (the initial set of properties closed on December 16, 2021, the second parcel of land closed on March 15, 2022, the closing for the third parcel of land is slated for late spring 2022, and the final transaction will be for the Solheim Center pending the future completion of a new athletic facility to replace Solheim.), (2) Jenkins Hall was purchased by Foundation Housing, and (3) Hartshorne Plunkard Architecture purchased our building at 315 Walton Street.

   Map #1
   This map indicates the addresses of the proposed buildings they are seeking to construct, and the number of stories. These are not final.

   

   
   Map #2
   Double-click on Map #2 to see an artist rendering of the buildings JDL is proposing to build on the 8 acres west of Wells Street that they are purchasing from Moody. These are not final. Please visit the city of Chicago’s Development and Planning Commission website to see JDL’s updated presentation about the residential and business office space they are seeking to develop. With a project of this size and scope along with the process JDL is following with the city, there may be delays and additional steps that may need to be taken, thus extending the timeframe. We will keep the Moody community posted.

   
   
   

3. What will happen with the Solheim Center? 
   We deeply value the importance of campus life, as well as the health and well-being of our staff, faculty, and students. 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. Given that we have not closed with JDL on the property that includes Solheim Center, and that the facility is tentatively slated in their property development plan for at least a couple more years in the future, it will continue to be available for many more months. As plans are finalized, they will be communicated with the Moody community in a timely manner.

4. How will this redevelopment plan alter our campus map? 
   Please double-click on Map #3 below to see which properties west of Wells Street that JDL is purchasing and developing (highlighted in purple), as well as the buildings Moody continues to own and operate (highlighted in yellow). For more information about the property and buildings which Moody has sold, please reference FAQ #3 above.

   

5. How long will the redevelopment process take? 
   Like similar large-scale land use redevelopment engagements throughout Chicago, this process also requires navigating complex regulatory and zoning processes. While we have closed on the sale of Jenkins Hall, as well as the building at 315 West Walton Street, the first closing with JDL has occurred December 16, 2021, the second close was on March 15, 2022, and subsequent close will occur in late spring 2022, and finally a few years later for the Solheim Athletic Center once a replacement is built. The full redevelopment, called North Union, will take several years or more to complete. We continue to seek the Lord’s guidance and will share more information on the timetable for any redevelopment plan as further information becomes available.

   

6. Had leadership considered long-term land lease options versus an outright sale? 
   We previously explored this option, but the results did not reach our satisfaction as ground leases infrequently yield optimal returns and limit long-term campus planning ability.
7. Will this sale result in land use that runs contrary to Moody's values? 
   We have placed moral and ethical restrictions on the future land use. These were provided within the Request for Proposals (RFP) we submitted during the sale and reflect our core values while also allowing Moody the right to provide input into the new development plans. See the link to the DPD website North Union presentation.
8. How will Moody utilize the revenue generated from the sale? 
   The Chicago campus redevelopment plan is part of our 2030 growth initiative. We plan to use 50% of the proceeds from the sales for strategic growth of our education, radio, and publishing ministries, as well as to invest in infrastructure upgrades to create an urban campus ready for the next 10 years. In addition, we will use 35% of the proceeds to build on our endowment and scholarships funds, and the remaining 15% to strengthen our financial reserves. Please read our announcement from July 2019 about our Chicago campus real estate initiative and its relationship to our vision of doubling Moody’s impact and reach by 2030.
9. Why did Moody not seek to re-purpose this land for future Moody-related uses? 
   As part of the campus redevelopment plan, Moody still has substantial space on our Chicago campus for the physical growth of on-campus education and media ministries if needed. Our future growth is not necessarily tied to additional on-campus housing, as we anticipate future growth to be in digital areas, resulting in a growth of distance learning and commuter education models. Importantly, Moody retains our existing rights to double our core campus square footage. Should the need arise, we can address any space needs via a vertical campus expansion.
10. What effect will the sale have on campus parking? 
    The parking garage, lot C, lot E and Visitor Lot have been retained for our campus use. Moody retains 623 parking spaces, giving us what we need for our campus community and for events on campus (e.g. Founder’s Week).