RALEIGH, NC — Saint Augustine’s University and Atlanta-based real estate development firm Carter agreed to a proposed $75 million campus land project.
The university announced plans on Saturday to develop a 320-unit multifamily project on the property.
“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 of Trustees Chairman James Perry said in a news release.
Board of Trustees Vice Chairman Brian Boulware echoed Perry’s sentiments.
“I am excited to see the impact that this development venture will have on SAU and the city of Raleigh,” Boulware said. “This venture is a great opportunity for the institution to expand its revenue stream while enhancing housing options for the city.”
Carter will land lease property on the northwestern side of the SAU campus, according to a news release from the school.
SAU President Christine Johnson McPhail said the development proposal will allow the university to increase housing options.
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