Loyola University has purchased Veritas Hall, a building that belonged to Dominican Nuns, for $3.4 million.
St. Mary’s Dominican Sisters of Peace previously owned the property, located at 7300 St. Charles Avenue. The historic mansion located in front of the Loyola College of Law was built in 1906 as the home for the family of Peter Fabacher, a New Orleans businessman, and was later used as a library for St. Mary’s Dominican College.
University president the Rev. Kevin Wildes, S.J., said Loyola began acquiring property from the Dominican Sisters in the 1980s following Dominican College’s closure in 1984.
Loyola’s College of Law, Greenville Hall, Cabra Hall, the president’s house and the Broadway Activities Center are all housed in buildings formerly used by Dominican College.
After the closure of the college, Veritas Hall was a multi-purpose
building for the Dominican sisters. Alumni reunions and events for Dominican High School were held in the mansion.
Although nuns used to reside in the furnished attic, the mansion now stands empty. The Dominican sisters recently transferred administrative functions to Columbus Ohio, leaving Loyola an opportunity to purchase the property.
Veritas Hall was purchased with Loyola’s capital budget, as opposed to the university’s operational budget.
“Operational budget includes day-to-day expenditures such as salaries, utilities, insurance, office supplies and fringe benefits,” said director of public affairs and external relations Meredith Hartley.
“Capital budget includes purchases of land, buildings, equipment and costs associated with building construction and maintenance,” Hartley said.
The use of the capital budget relieves pressure on the operational budget, which is being cut.
“The use of the capital budget to finance this acquisition allows us to take advantage of this opportunity while not intruding on the operational budget of the university,” Wildes said.
Wildes believes this purchase is a rare opportunity for Loyola.
“I think this is a historic opportunity for Loyola and one that we, and those who follow us, would regret if we did not move forward on the acquisition,” Wildes said. The university is exploring possible uses for the building. According to Wildes, the university is tight for space and he is sure the building will find good use.
“While the future use of the building is currently under consideration by Loyola, the acquisition of the property was instrumental in being able to carry out our facilities master plan, which includes enhancing and growing residential and social spaces for campus constituents,” Wildes said.
Eric Knoepfler can be reached at [email protected]
