Former St. Mary Academy to be redeveloped

MONROE — The 92-year-old St. Mary Academy building on Elm Avenue, which has sat vacant for 21 years, is expected to be redeveloped.

On Saturday night, the Sisters, Servants of the Immaculate Heart of Mary congregation and the City of Monroe announced that the IHM entered into an option to purchase agreement on the Academy building with KM Cornerstone, which is owned by Keith Masserant of Newport. The financial terms of the agreement are not being disclosed.

KM Cornerstone is planning a mixed-use space that will include commercial, office and residential spaces. The number and types of businesses will be determined. No construction work will begin for two years. KM Cornerstone will spend the next 24 months performing due diligence, preparing architectural plans and planning the space. Also studied will be the facility's parking needs and the impact the future space will have on traffic on West Noble and Elm avenues.

The IHM will continue to own the Academy building for the next 24 months. After that, a transaction of conveyance will be completed. There are no plans to demolish the historic building.

“While there are some preliminary plans that may alter a portion of the property, such as an addition to accommodate a new freight elevator, it is the intent of KM Cornerstone to retain as much of the entire 260,000 square foot structure as possible. Mr. Masserant has been resolute in his commitment to restoring several of the unique features of the building, including the Academy’s original chapel and ballrooms, as well as the grand lobby featuring an iconic marble staircase,” the IHM Communications Department said in a news release.

Planning efforts for the Academy's redevelopment were invigorated in March and involved the City of Monroe and the Community Foundation of Monroe County.

The 260,000 square-foot former Academy building sits on about 16 acres of property on the campus of the IHM Motherhouse. In May, 2023, the IHM transferred ownership of all the properties on its campus, except for the Academy building, to Saint Therese, a senior living organization in the Minneapolis/St. Paul, Minnesota, area.

Previous Coverage: Ownership of most of IHM campus transferred to Minnesota firm

The IHM congregation began in Monroe in 1845. St. Mary Academy open in 1846. The current Academy building was constructed in 1932, as the third home of the all-girls boarding school, according to Monroe News archives. A large auditorium was added in 1958. SMA closed in 1987, when the school merged with the all-boys Catholic Central High School to form today's St. Mary Catholic Central High School. Catholic Central High School began in 1941, according to Monroe News archives.

From 1987-2000, the former SMA building was used as a conference and retreat center and for offices. In 2000, during renovation of the Motherhouse, it housed Sisters and was used for congregational offices. The building has been vacant since 2005, when the Sisters returned to the Motherhouse. It was listed on the National Register of Historic Places in 2019.

IHM leadership is pleased with KM Cornerstone's plans.

“For the past 21 years, SSIHM has initiated substantial outreach efforts for redevelopment; however, it wasn't until this year that the right development partner was successfully engaged,” the IHM Communications department said in the news release.

"We are delighted about the potential development of St. Mary Academy. This treasure has stood vacant for over 20 years, waiting for the right developer. Now, with KM Cornerstone's involvement, the building will be brought back to life, along with various other developments that will benefit the people of Monroe,” said Mary Jane Herb, IHM, president of the IHM Leadership Council.

KM Cornerstone's owner Masserant is an SMCCC graduate who also attended the Hall of the Divine Child, a former boys-only primary school that now houses Norman Towers residential apartments. Masserant graduated from Monroe County Community College and is a lifelong member of St. Charles Catholic Church. Born and raised in Newport, Masserant is president of Newport’s Mid-American Group, an international industrial engineering and construction corporation started in 1985 by his father, Lawrence Masserant. Masserant owns more than 20 patents.

"I have a deeply personal appreciation for what the St. Mary Academy campus means to our community. Even after all these years, it still stands as a crown gem in our community. I'm blessed to be able to have a role in breathing new life into this property in a way that will benefit generations to come, just as it did for so many of those individuals and families who walked those halls before us. I'm deeply honored and grateful to the Sisters of the IHM for entrusting me with this opportunity," Masserant said.

The City of Monroe will remain involved in the Academy redevelopment project.

"The St. Mary Academy campus is one of the most prominent and storied properties in the city," said City of Monroe Mayor Robert E. Clark. "Generations of Monroe residents either attended the St. Mary Academy or are close to someone who did. I appreciate the IHM Sisters for their ongoing efforts to be conscientious stewards of this remarkable asset and seek out ways this facility can be used to meet the needs of our residents and city. Saturday's announcement marks the first step on the journey toward rehabilitation of this beautiful site that will benefit future generations. On behalf of the City of Monroe, we couldn't be more excited to support the efforts of Keith Masserant."

Subscribe Now: For all the latest local developments, breaking news and high school sports content.

The public will not be permitted to tour the building. Progress and updates on the former Academy building will be posted on the City of Monroe's dedicated webpage, which will launch soon. The IHM also will post updates on its social media and website.

— Contact reporter Suzanne Nolan Wisler at swisler@monroenews.com.

This article originally appeared on The Monroe News: Local firm KM Cornerstone plans renovation of St. Mary Academy