St Augustine’s Land

[kermit]

It sure does sound like St Aug’s is circling the drain after a long period of decline. The TBJ reports that they have gotten a predatory loan (at 24%) from a shadowy Durham investment group which is secured with college land. Given the demographic and political nature of college enrollment the odds of St Aug’s surviving this crises are minuscule (particularly with their debt service and accreditation issues). It is also (roughly) the same evolutionary process which led to the end of Barber Scotia in Concord about a decade ago.

While I’ll miss St Aug’s, the city (as always) will march on. The campus is a couple blocks from New Bern BRT, could the site become anything other than housing with some token mixed use thrown in? Any opportunities to better stitch it to the surroundings, the college has awfully big setbacks and fences. [I an out of towner, so these are questions based on my unfamiliarity with East Raleigh real estate].

I haven't paid much attention to East Raleigh in a while but I am sure this will blow the lid off of East Raleigh gentrification (if it is not off already).

https://www.bizjournals.com/triangle/news/2024/11/24/saint-augustines-university-layoffs-accreditation.html

Edited December 3 by kermit