According to C3 officials, diocese representatives determined remodeling costs to transform the building at 225 E. Exchange St. for their intended purposes would run too high.
The diocese’s chief financial officer, T. Edward Carey Jr., did not return phone calls Monday; and the diocese’s director of communications, Mary Haarman, said she did not have any information on the matter.
Last month, Haarman confirmed that there was a buy-sell agreement in place. Haarman said it was common practice for the diocese to purchase property for “future use.”
The diocese had until Dec. 27 to perform due diligence, according to the terms of the agreement, which named Bishop Walter A. Hurley as the purchaser.
The real estate agent for C3 Exchange sent an e-mail over the weekend, notifying C3 officials that the deal was off, according to church board member Judy Swanson.
“There was an e-mail that let us know they were not going to proceed with closing on the sale because their estimates for the remodeling they wanted to do came in much higher than they anticipated,” Swanson said. “It was very disappointing.”
An agreement with a developer who wanted to convert the property into commercial use fell through late last summer.
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