MADISON, WI-The Madison Catholic Diocese has reached a tentative agreement with developer Gary Gorman that would have the diocese move out of its headquarters on High Point Road and have the property converted for rental housing.

The diocese and Gorman would enter into a 60 year lease where Gorman will renovate the 232,000-square-foot Bishop O’Connor Catholic Pastoral Center property and create between 100 to 150 rental apartments, according to the Wisconsin State Journal. The diocese will retain ownership of the property that originally opened in 1964 as the Holy Name Seminary.

Bishop Robert Morlino announced the plan on Wednesday in Wisconsin Dells. He said the decision to lease the building was not financial, but noted the building is underused and requires $15 million in capital improvements to be made over the next 30 years. If the deal is finalized, the Madison Catholic Diocese and Catholic Charities would relocate to leased space. See story in the Wisconsin State Journal.