Churches Redeveloping Properties to Give Them New Life
The Wall Street Journal’s Robyn A. Friedman reports that churches facing financial struggles are developing creative solutions to avoid selling or foreclosing on their properties. According to Casey Kemper, executive vice president of the Collegiate Churches of New York, congregations are increasingly partnering with real estate firms to “redevelop their property to include mixed uses on the land.” Kemper says, “They get cash, and they get a better facility.” Because of recent trends towards urbanization, “those religious properties that are well-located in urban areas are attractive to developers.”