St. John's College established in 1928 by the Roman Catholic Diocese of Cleveland and had begun to experience a downturn in enrollment.

In October 1980 as papers were signed, Pope John Paul II appointed Bishop James Hickey as Archbishop of Washington, D.C., so Hickey's successor Bishop Anthony Pilla continued with the deal.

The proceeds of the land lease would be used by the Catholic Diocese of Cleveland for seminaries and educational ministries.

Developer Oliver Tyrone Corporation studied St. Peter's Evangelical Lutheran Church's similar land deal in New York City with Citigroup when its famed Citigroup Center tower was built in 1977.

Demolition of the St. John's College began in January 1981, due to the installation of Bishop Anthony Pilla.