Peace reaches agreement to buy Seaboard Station

Peace reaches agreement to buy Seaboard Station

Posted: Updated:
RALEIGH, N.C. -

William Peace University has reached a purchase agreement for Seaboard Station, it confirmed Friday night.

In an email at 6:33 p.m., the school said it had "just signed" the agreement. The school said the purchase "is subject to court approval."

The area, which is right next to Peace in downtown Raleigh, includes thriving shops, but court filings show landlords Gregory and ParkerLLC owe more than $2 million to various creditors.

Gregory and Parker has been under Chapter 11 of the U.S. Bankruptcy Code for more than a year working on a corporate restructure plan.
Peace's interest in the property has concerned some downtown.

"This could go from what's become a very vibrant retail center in downtown to a parking lot," City Councilor Mary Ann Baldwin said. "We need apartments. We need the retail to flourish and grow."

But Peace President Debra Townsley has said neighbors' fears are just a misunderstanding. She says Peace does want to purchase the land, but wants to keep the retail space.

"Students like to have a campus where there's places to eat, places to shop," Townsley said this spring.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Lawsuit: Failed Circumcision Never Happened

    Lawsuit: Failed Circumcision Never Happened

    Tuesday, July 29 2014 3:33 PM EDT2014-07-29 19:33:55 GMT
    Doctors accused of amputating a man’s penis during a circumcision asking for dismissal
    Doctors accused of amputating a man’s penis during a circumcision asking for dismissal
  • Family: No Answers in Fatal Causeway Crash

    Family: No Answers in Fatal Causeway Crash

    Tuesday, July 29 2014 10:13 PM EDT2014-07-30 02:13:56 GMT
    The family of the man killed in Monday’s fatal accident on the causeway says they are also still trying to figure out exactly what happened.
    The family of the man killed in Monday’s fatal accident on the causeway says they are also still trying to figure out exactly what happened.
  • Officials Warn of Flesh-Eating Bacteria

    Officials Warn of Flesh-Eating Bacteria

    Wednesday, July 30 2014 10:58 AM EDT2014-07-30 14:58:25 GMT
    Health officials have issued a warning against eating raw oysters and exposing open wounds to coastal and inland waters after one person died and another was sickened by a flesh-eating bacteria.
    Health officials have issued a warning against eating raw oysters and exposing open wounds to coastal and inland waters after one person died and another was sickened by a flesh-eating bacteria.
Powered by WorldNow

555 Broadcast Dr,
Mobile AL 36606

Telephone: 251.479.5555
Fax: 251.473.8130
Email: news5@wkrg.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.