Saint Augustine’s University (SAU) and Carter have agreed to a proposal valued in excess of $75 million that includes developing a 320-unit multifamily project on the property and offers the university in Raleigh, N.C., 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 for the development. The agreement has been approved.
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 is likely to, according to an SAU news release. 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 raise the quality of life in and around the university and to make an economic impact on the entire community.
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