The Swedenborg School of Religion, a seminary in Newton and owner of the Swedenborg Chapel on the corner of Quincy Street and Kirkland Street, has agreed in principle to sell the chapel for $2.7 million to a Somerville real estate developer, the Cambridge Chronicle reported Jan. 28.

Owned by Frank Fodera, the company has plans to build an 11-story apartment building on the site, which is zoned for commercial use--allowing buildings up to 120 feet tall.

The Church of the New Jerusalem, which uses the chapel, still has the legal right to make an offer on the property, but it will forfeit this right if it does not respond within 40 days.

According to Lars-Erik Wiberg, president of the 50-person congregation, there is little chance the congregation would be able to gather enough money to purchase the land if it carried a $2.7 million price tag.

"At church rates we could probably cobble together something and acquire it for ourselves," Wiberg said. He added it was unclear what the market value of the land would be, but pointed to a $300,000 offer from Harvard last year that the school rejected.

Community members, who have guarded the area from development in recent years, have reacted swiftly to the proposal and will meet tonight to discuss a course of action.

Several months ago, neighborhood residents filed a petition with the Cambridge Historical Commission to preserve the site, which is next to the Graduate School of Design's Gund Hall.

The petition gives the property a temporary "protected status," which requires developers to have plans approved by the commission before getting city approval, said Sally Zimmerman, a preservation planner with the commission.

Zimmerman said the commission is not empowered to stop changes to the interiors of buildings designated as landmarks, only to protect "what is visible from the street."

The developer would meet the commission's standards by using the chapel's structure as a lobby for the apartment complex, said Michael L. Charney, who leads the group of community members opposing the sale.

Charney also led a committee that opposed Harvard's original plans for the construction of the Knafel Center for Government and International Studies, which residents complained would take away precious green space from the neighborhood.

He called the notion of an 11-story apartment "or any building to overpower the chapel on that site a travesty" that would be "even worse" than the original Knafelproposal.

Reverend F. Robert Topfel, the leader of thecongregation, was upset that the school would askthe church to pay so much for the land.

Topfel, who graduated from the seminary, saidthe plan for a large apartment complex on the siteusing some part of the chapel's facade is"particularly offensive."

"We are especially angry that the seminary hasgotten itself in such dire straits that they findthemselves in this situation," Topfel said. "Tosee my alma mater...prostitute itself in this wayis very offensive."

Harvard owns the rest of the land on the blockand maintains the right of second refusal on theproperty.

Harvard officials refused to comment on thepotential development of the site and whether itwould be willing to buy the property outright orin association with the church.

According to Mary H. Power, Harvard's directorof community relations for Cambridge, the purchasewill have "no effect" on planning for the KnafelCenter, which is slated to be built a block awayon both sides of Cambridge Street.

Fodera and officials at the Swedenborg Schoolcould not be reached yesterday for comment