Florida Firm Plans Mixed Use Housing Development on Saint Augustine’s Downtown Raleigh Property

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Good morning, readers.

Last week, Saint Augustine’s University’s accrediting body voted to remove the Raleigh HBCU from its list of members for the second time in as many years, citing a laundry list of financial and governance issues. It’s the latest development in the university’s downward spiral, which has so far involved budget cuts, layoffs, unpaid debts, tax liens, a lawsuit, and a questionable loan. 

Losing accreditation would be catastrophic for the school, cutting it off from federal funding and instantly devaluing the degrees it confers. The university plans to appeal the decision from the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) and will remain accredited while that process plays out. 

Despite the bad news, SAU’s leaders seem improbably hopeful for the future.

“While this may seem like a disappointing decision, we view this as an encouraging outcome that acknowledges our progress,” interim president Marcus Burgess wrote in a press statement last week. “We are excited about the opportunity the Appeal affords us.” 

Why such optimism? Saint Augustine’s has another card to play, a piece of evidence it wasn’t allowed to use at its accreditation hearing but hopes to present to SACSCOC at its appeal hearing in February. The school recently agreed to lease the entirety of its 105-acre downtown Raleigh property to the Florida-based real estate investment company 50 Plus 1 Sports in exchange for short-term debt relief and a share of the company’s future profits. 

Monti Valrie, a managing partner of 50 Plus 1 Sports, says that although his company is leasing SAU’s entire property, it will only be developing 55 acres. Most of that land is already empty, Valrie says, but some educational buildings will need to be torn down and rebuilt closer to SAU’s main campus in order to make space for the new development.

According to Valrie, the project could generate $2 billion for 50 Plus 1 and $1 billion for the university over the course of the 99-year lease. An initial lease payment of $70 million could help SAU pay off its debts and regain good standing with SACSCOC.

INDY asked Valrie about his company’s history, its partnership with SAU, and what it plans to build on those 55 acres. Read the full story here, and have a good weekend.

—Chloe

Editor’s note: Our second link to Justin Laidlaw’s story on Durham’s new city manager’s appointment yesterday went to the wrong story. The correct link is below. 

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Durham

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North Carolina

Here’s a look back on outgoing Gov. Roy Cooper’s eight years in office and what his legacy will be. 

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