As a result, the University was unable to build its contemplated campus on Aspinwall Hill, and the land was sold piecemeal as development sites.Street names in the area, including Claflin Road, Claflin Path, and University Road, are the only remaining evidence of University ownership in this area.On April 24–25, 1839 a group of Methodist ministers and laymen at the Old Bromfield Street Church in Boston elected to establish a Methodist theological school.Set up in Newbury, Vermont, the school was named the "Newbury Biblical Institute".By December, however, the Great Boston Fire of 1872 had destroyed all but one of the buildings Rich had left to the University, and the insurance companies with which they had been insured were bankrupt.
The charter issued by New Hampshire designated the school the "Methodist General Biblical Institute", but it was commonly called the "Concord Biblical Institute." With the agreed twenty years coming to a close, the trustees of the Concord Biblical Institute purchased 30 acres (120,000 m) on Aspinwall Hill in Brookline, Massachusetts, as a possible relocation site.
The institute moved in 1867 to 23 Pinkney Street in Boston, and received a Massachusetts Charter as the "Boston Theological Institute".
In 1869, three trustees of the Boston Theological Institute obtained from the Massachusetts Legislature a charter for a university by name of "Boston University".
Following the fire, Boston University established its new facilities in buildings scattered throughout Beacon Hill and later expanded into the Boylston Street and Copley Square area before building its Charles River Campus in the 1930s.
After receiving a year's salary advance to allow him to pursue his research in 1875, Alexander Graham Bell, then a professor at the university, invented the telephone in a Boston University laboratory.