The developers--Keefe's equity partners are mall developer Stephen Karp and food concessionaire Joseph O'Donnell--would build a smaller version of the chapel on the first floor of the building. For the Franciscans, the deal would reportedly garner them some much-needed cash. The building is currently in need of major repairs and the maintenance of the building is very expensive.

In addition to the chapel, the order operates a homeless shelter just behind the new Millennium development being built opposite Boston Common. Reportedly, the Franciscans would have the option of staying on as an equity partner or taking the money. It is still unclear how much the Franciscans would get in a payout but unconfirmed reports put the amount in the $30 million range.