In a recent pivot to stabilize its precarious financial situation, Saint Augustine's University has struck a significant partnership with 50 Plus 1 Sports. The Florida-based firm, specializing in professional sports stadium and mixed-use development, will lease land from the Raleigh-based University in a deal reportedly worth $70 million. As CBS17 reported, this partnership could bring not only immediate financial relief for the institution but also potential for future revenues.
With the specific terms of the lease set, 50 Plus 1 Sports is to pay Saint Augustine's $60 million by the end of 2024, with the remaining $10 million due by June 2025. While the exact parcel of land has not yet been disclosed, according to a WRAL report, the university is prepared to lease this unspecified real estate for 99 years with the terms of the revenue split granting 65% to the developer and 35% to the university for the lease's first 15 years.
SAU Board of Trustees Chairman Brian Boulware expressed optimism regarding the partnership, "We are excited to collaborate with 50 Plus 1 Sports, a proactive and dynamic partner, and its team of global investment partners, to deliver long-lasting benefits to our students, faculty, and the amazing Raleigh community. Together, we’re building a future that solidifies SAU’s role as a cornerstone of this city," as obtained by ABC11. This enthusiasm was echoed by Monti Valrie, President & CEO of 50 Plus 1 Sports, who highlighted the firm's eagerness to create projects resonating with the Raleigh community and enhancing local opportunities.
The deal comes during a challenging time for Saint Augustine's, which has been grappling with debt and recently announced 50% staff cuts. The institution also faced criticism after securing a $7 million high-interest loan from Gothic Ventures, using school land as collateral—a move that concerned alumni and community advocates. An additional aspect this new agreement tackles is helping the university to pay off existing debts, including 50% of accrued unpaid interest and the prepayment premium on its loan with Gothic Ventures, as CBS17 noted.
Further details regarding the scope and impact of the partnership are set to be revealed in a news conference scheduled for December, as SAU plans to unveil more information about its collaboration with 50 Plus 1 Sports. This announcement may offer additional insights into the longevity of the partnership and the ways in which it will serve the needs of the university and the broader Raleigh community.
