William Peace University announced Tuesday morning their plan to sell a portion of downtown Raleigh’s Seaboard Station, a retail center in the northern section of the city.
The university purchased the retail center in 2013 as a “strategic investment and as a way to enhance the local community surrounding the University,” according to a release from the school.
In announcing their plan to sell, the university said they “will retain a portion of the Seaboard District that is designated as university-owned land and maintain an active voice in future development of Seaboard Station.”
The purpose of the sale, according to the university, is to “generate a strong return on its investment and strategically direct those resources into the endowment as well as additional facilities, programs and opportunities for students.”
The university said in their statement that they will work with TradeMark Properties to find a buyer “who has a vested interest in not only the retail center but also the north end of downtown Raleigh.”
Plans were announced in July 2016 for a Harris Teeter supermarket to be built in the shopping center. Construction has yet to begin and the project’s future is unclear at this time.
No further information about the sale was released.