VANCOUVER -- One of the oldest and most elegant buildings on the University of B.C. campus will soon be switched from the study of spirituality to economics.

The stone-faced Vancouver School of Theology, built in 1927 as a seminary for Protestant clergy, has been sold to the university for $28 million, it was announced today. It will become the new home of UBC's school of economics.

VST has trained thousands of United, Anglican, Presbyterian and other clergy in the past 86 years. But principal Richard Topping says the building, with its stunning views of Bowen Island and Howe Sound, is too large and too costly for its 115 full- and part-time students.

Many Canadian Protestants will grieve the loss of the venerable building, said Topping, a Presbyterian theologian. "There's a certain amount of lament. And not for a moment would I want to conceal that."

The Christian graduate school will move this summer into a smaller, adjacent building on the north side of the UBC campus, called Somerville House. The school will retain its A-frame Chapel of Epiphany.

Proceeds from the sale of the recently renovated theological building, formally called Iona and informally referred to as "The Castle," will go to renovating Somerville House and moving into it, and to an endowment fund.

Asked about the symbolism of a Christian school of theology becoming a secular school of economics, Topping said, "There can be overlap. Economics, when it's properly done, is also a discipline devoted to human flourishing and the common good."

Vancouver School of Theology, which has a 999-year lease with the University of B.C., got into property redevelopment in a big way the past decade. To upgrade the Iona building and create operating funds, the school worked with real estate developers to build hundreds of rental units and luxury condominiums along Chancellor Boulevard in UBC's so-called Theological Neighbourhood, which includes two Catholic colleges and a Baptist institution.

But, given the 2008 economic downturn and with funding decreasing from main line Protestant denominations, Topping said revenue from the redevelopment has not been strong enough to maintain both the Iona building and school operations.

UBC plans to take possession in July of the 100,000-square-foot building at 6000 Iona Drive, which includes a chapel and library. UBC's Vancouver School of Economics will begin using the facility in September 2015.

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Vancouver theology building converts from spirituality to economics