A 135-year-old Catholic girls high school in Chicago has assured its long-term survival through a lease agreement with a charitable foundation.
Josephinum Academy of the Sacred Heart, in the city's Wicker Park neighborhood, says in a news release that it has partnered with the Pulte Family Charitable Foundation's Catholic Initiative to raise the $9.4 million needed to acquire the historic campus.
Ownership will transfer to a dedicated nonprofit stewarded by The Catholic Initiative; this will enable Josephinum Academy to retain exclusive and permanent rights to operate on the campus through a renewable 200-year lease set at just $1 per year.
"This is a historic moment for Josephinum," said Richard McMenamin, President of Josephinum Academy. "Thanks to the generosity of The Catholic Initiative and our community of supporters and benefactors, we will continue to uplift students—particularly young women from under-resourced neighborhoods—through a Sacred Heart education rooted in academic excellence and spiritual growth."
The Catholic Initiative's model is designed to alleviate the constant financial pressure facing Catholic institutions. Under this approach, property is held by a long-term steward aligned with the Church's mission, and the school operates with autonomy through a symbolic lease of $1 per year. It enables Catholic schools to thrive without worrying about the uncertainty of their physical home.
With the campus acquisition complete, Josephinum now turns to its next chapter: undertaking a renovation to repair and modernize the facility while honoring its architectural legacy.
The majority of Josephinum students receive full scholarships. To ensure continued access and long-term sustainability, a multiyear capital campaign is underway to raise $20 million in endowed support.
