St. Mary Parish in Costa Mesa Purchases new Property

St. Mary Parish in Costa Mesa Purchases a Property

For $900,000 For Future Church Expansion

On July 31, 2014 St. Mary Armenian Apostolic Church of Costa Mesa closed escrow to buy a residential property adjacent to the Church. The property is situated between two income properties the Parish already owns. Eleven years ago, the Church purchased a 6-unit apartment building, and few years after that, a home. The recent purchase of another residence completes an assemblage of properties that the Church has been piecing together for future expansion plans. The Church has invested over $2.8 million to buy all three properties.

Since its consecration in 1992, St. Mary Church has been bedrock of faith and the spiritual center for the Armenian community in Orange County. While the Church’s sanctuary continues to serve the congregation well, the remaining facilities are aging and inadequate for the numerous organizations and events the Church sponsors. Over the last ten years, St. Mary’s Trust Fund working in conjunction with the Parish Council developed a master plan to address these concerns. With the skill and gracious efforts of Mr. Aram Bassenian, an architect of international prominence who is a member of the parish as well as the Trust Fund, a phased development plan was created. The plan first required the acquisition of several contiguous parcels of land in order to have land sufficient to satisfy certain conditions mandated by the City of Costa Mesa, including parking. With the final piece of the puzzle now firmly in place, the Church can focus on the Parish’s most immediate need, the construction of a new assembly hall.

The $900,000.00 purchase was resoundingly approved by St. Mary’s congregation. The Parish’s voting members held a Special Parish Assembly on July 17th chaired by Puzant O. Zorayan and with a quorum of 92 members in attendance, the acquisition was unanimously approved. The negotiations for the purchase of the property involved Tony Markarian, Parish Council Chairman, Puzant O. Zorayan, Vice Chairman of the Parish Assembly, and Mark V. Asdourian, Esq., Chairman of the Trust Fund. These gentlemen were fortunate to also have the able assistance of Antranik O. Zorayan, a founding member of the Parish. The Church purchased the property with a $400K down payment consisting of donations and income saved over the years from its existing income properties. The balance of the purchase price was financed with a $500K loan that was graciously made to St. Mary by St. John Armenian Church of San Francisco. Mr. Asdourian worked together with Mr. Steven Cherezian, Chairman of St. John’s Parish Council, to secure the loan.

August 6, 2014| Comments Off on St. Mary Parish in Costa Mesa Purchases new Property

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