St. Aug’s partners with Florida sports venue developer to lease land in Raleigh
St. Augustine’s University says it’s teaming with a stadium and mixed-use developer “to tackle its financial challenges head-on” — reportedly through a nearly century-long lease deal in Raleigh.
On Nov. 17, St. Augustine’s signed a letter of intent with 50 Plus 1 Sports, a two-year-old South Florida firm that requires at least half “minority and women participation” in each project it finances.
Under its agreement with 50 Plus 1, the university will lease “certain real estate” to the firm for 99 years, WRAL reported after reviewing an audit.
A St. Augustine’s spokesperson confirmed to The News & Observer that no land will be sold under the deal.
The Raleigh HBCU plans to provide more specifics about this arrangement during a press conference next month. In a news release Tuesday, St. Augustine’s said the partnership will generate $70 million for the school, “along with additional future revenues.”
“This agreement marks a pivotal moment for SAU as we embrace a bold vision for future growth,” said Brian Boulware, chairman of the school’s board of trustees.
Founded in 1867, the university has struggled to balance its books and retain accreditation with the Southern Association of Colleges and Schools Commission on Colleges.
Financial and maintenance issues delayed the start of the current academic year by two weeks. Enrollment plummeted to 200 students from 900 students the previous fall. And on Saturday, St. Augustine’s reported it had cut half of its employees, including 67 staff positions, 37 full-time faculty positions and 32 part-time faculty positions.
In August, St. Aug’s secured a $7 million loan from Durham-based Gothic Ventures.
“We are absolutely thrilled to come to Raleigh and partner with Saint Augustine’s University, local developers, and community leaders in this incredible city,” Monti Valrie, president and CEO of 50 Plus 1 Sports, said in a statement.
Incorporated in 2022, 50 Plus 1 is an ambitious, though unproven, development firm. It has notched early successes, including being selected to develop a nearly $1.5 billion sports and entertainment complex at the University of New Orleans.
Yet other efforts have fallen short. The City of St. Petersburg, Florida, recently declined 50 Plus 1’s bid to redevelop Tropicana Field, home of the Durham Bulls’ Major League Baseball parent club, the Tampa Bay Rays. City staff cited the firm’s lack of experience for its decision.
This story was originally published November 28, 2024 at 5:00 AM.
