In a move that exemplifies the entrepreneurial spirit taught at Saint Augustine’s University (SAU), the institution has entered into a ground lease agreement with Carter valued at over $75 million.
The proposal includes the development of a 320-unit multifamily project on the property and offers the University the option to invest in the project as a partner. The proposal also includes a partnership between Carter and Swift Services as a minority partner on the development. This agreement not only benefits the university, but also the city of Raleigh as a whole. Business leaders will want to take note of this innovative partnership and the potential it holds for creating a positive economic impact on the community.
Saint Augustine’s University (SAU) and Carter have agreed to a proposal valued at over $75 million, which includes the development of a 320-unit multifamily project on the property and offers the University the option to invest in the project as a partner. The proposal also includes a partnership between Carter and Swift Services as a minority partner on the development. The agreement was approved today in the SAU board of Trustee’s meeting.
The ground lease agreement between SAU and Carter exemplifies the entrepreneurial spirit that the university teaches to its students.
Carter will ground lease property on the northwestern side of the SAU campus. The option to invest in the project as a partner could prove to be a lucrative opportunity that the university will likely opt to do. The ground lease agreement exemplifies the entrepreneurial spirit that SAU teaches to its students. The partnership allows the university to continue to own the land, while utilizing the space to not just raise the quality of life in and around the university, but to also make an economic impact on the entire community. The agreement has generated a lot of excitement throughout the campus and Raleigh community.
The Honorable Justice James E. Perry, Chairman, Board of Trustees, and a 1966 graduate of SAU stated, “This development opportunity is a beacon of light for students, the Raleigh community, and the global society to engage with SAU in this transformative venture.
As the Board chair, I am delighted for this opportunity and thank my fellow Trustees for their continued support and commitment to this illustrious institution.”
“I am excited to see the impact that this development venture will have on SAU and the city of Raleigh. This venture is a great opportunity for the institution to expand its revenue stream while enhancing housing options for the city,” said Mr. Brian A. Boulware, Vice Chairman, Board of Trustees, and a 1995 graduate of SAU.
“As the 13th president of Saint Augustine’s University, I am proud of the historic opportunity this venture affirms for our 156-year-old institution,” said Dr. Christine Johnson McPhail, President of SAU.
“The development proposal presented by Carter will allow SAU to increase housing options for our growing city and enhances the economic impact SAU provides to the Raleigh community. This venture is just the beginning as we will continue to use our collective talents and resources to carry out the mission and vision of Saint Augustine’s University.”
This agreement is a prime example of the entrepreneurial spirit that Saint Augustine’s University teaches its students and the positive impact that it can have on the community. The partnership between SAU, Carter, and Swift Services will not only benefit the university, but also the city of Raleigh as a whole. The development proposal presented by Carter will allow SAU to increase housing options for the growing city, and enhance the economic impact SAU provides to the Raleigh community.
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