Cathedral Prepatory School has entered into an agreement with the Gunite Acquisition Corporation to purchase 8 acres of land in Downtown Erie. The site which is formerly known as the EMI Foundry Building is intended for a Multi-Sport Athletic Complex. The new development is set to be built on the southeast corner of West 12th and Cherry streets. The new sports complex will include a football field with artificial turf, an all-weather eight lane track, an 18 hundred seat gymnasium, an indoor swimming pool, a wrestling room and a new weight room. The purchase of this property and the initial development of the site will be funded by a 1.5 million donation from an anonymous individual. Development is set to begin within three to five years as a part of 10 to 12 million dollar capital campaign that will also include renovations to Cathedral Prep`s auditorium and science wing. The project will be the largest capital project in the school`s history.