William Peace University announces purchase of Seaboard Station

From staff reportsJune 28, 2013 

— William Peace University says it has signed a purchase agreement for the Seaboard Station retail complex.

The university wasn’t clear about its plans for the complex, which includes several restaurants and boutique stores. In a statement, university officials say the decision was made “in an effort to invest in the community surrounding campus.” Most of the Peace campus is across Halifax Street from Seaboard.

“Seaboard Station is one of downtown Raleigh’s most desired and growing attractions,” Peace president Debra M. Townsley said in the statement. “We look forward to working with the community in a positive way to further enhance the value of Seaboard Station in the city and beyond.”

The university’s interest in Seaboard surfaced earlier this year and alarmed tenants and residents in the surrounding Mordecai and Oakwood neighborhoods, who fear the school will ultimately close the center and use the land for student parking, dormitories or activity fields.

Seaboard Station has been mired in bankruptcy for more than a year, and the university’s interest in the property came up during a bankruptcy hearing in Raleigh.

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