St. Aug’s and Carter forge a $75-plus million development project

The Triangle Tribune

RALEIGH - Saint Augustine’s University and Carter have agreed to a proposal valued in excess of $75 million, which includes developing 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 Jan. 21 in the SAU Board of Trustee’s meeting.

Carter will ground lease property on the northwestern side of the 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.

“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,” Board Chairman James E. Perry (’66) said.

“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. The Board, along with the SAU administration, continuously seek opportunities that strengthen the institution and advance our mission,” Board Vice Chairman Brian A. Boulware (’95) said.

“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,” SAU President Christine Johnson McPhail said. “…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.”

SAU was founded in 1867 by the Episcopal Diocese of North Carolina to prepare students academically, socially and spiritually for leadership in a complex, diverse and rapidly changing world.

Carter is a leading national real estate investment and development firm headquartered in Atlanta. The firm has over $1.3 billion of active development throughout the Southeast, including mixed-use and multifamily projects. Learn more at www.carterusa.com.

Demarcus Williams, The Triangle Tribune