RALEIGH, NC, January 21, 2023 /PRNewswire/ — Saint Augustine’s University (SAU) and Carter have agreed on a proposal worth over $75 million, which includes the development of a 320-unit multi-family project on the property, with an option for the University to invest in the project as a partner. The proposal also includes a partnership between Carter and Swift Services as a minority development partner. The agreement was approved today at the meeting of the Board of Trustees of the SAU.

Carter will inherit the property on the northwest side of the SAU campus. The option to invest in the project as a partner could prove to be a lucrative option that the university is likely to choose. The lease agreement illustrates the entrepreneurial spirit that the SAU instills in its students. The partnership allows the university to continue owning the land while using the space to not only improve the quality of life in and around the university, but also to have an economic impact on the wider community. The agreement caused a lot of excitement across campus Raleigh community.

The Honorable Judge James E PerryChairman of the Board of Trustees and a 1966 SAU graduate, stated: “This development opportunity is a beacon for students who Raleigh community and global society to engage with SAU in this transformative endeavor. As Chairman of the Board, I welcome this opportunity and thank my fellow Trustees for their continued support and dedication to this illustrious institution. I also thank the leadership, faculty and staff at SAU for their tireless work and dedication to our students and their success.”

“I am excited to see the impact this development project will have on the SAU and the city Raleigh. This venture is a great opportunity for the institution to expand its revenue stream while improving housing opportunities for the city. As Vice Chair of the Board of Trustees and Chair of the Facilities Committee, the Executive Board, together with…