SAGA to buy Roanoke Island property from Friends of Elizabeth II

By on October 5, 2021

SAGA owner Sumit Gupta says his plan is to continue leasing out this guest house.

SAGA Realty & Construction has entered into a purchase contract with the Friends of Elizabeth II to buy three adjoining lots that the group owns on Roanoke Island.

According to Friends Board Member Todd Clissold, SAGA has given the group a $50,000 non-refundable deposit and plans on closing the sale in mid-December. Clissold estimated the sales price at about $2 million.

The Friends of Elizabeth II is a nonprofit established to help fund ongoing needs of Roanoke Island Festival Park. They have a trust fund that has grown over the years and a portion of profits are allocated to the park.

Two of the lots are between US 64/264 and Washington Street, and the third lot also is bordered by Harriot Street and includes the housing built originally to house the School of the Arts students who performed seasonally for several years at the Roanoke Island Festival Park.

Since the School of the Arts was pulled out of Festival Park, the Friends group has rented to a variety of nonprofits, educational groups and government agencies with temporary housing needs.

“Our plan currently is to continue leasing out the rooms in this existing building to help support the seasonal and long-term rental needs in our area,” said SAGA owner Sumit Gupta.

Reide Corbett, executive director of the Coastal Science Institute (CSI) and dean of the Integrated Coastal Programs, said CSI’s goals are to increase the number of undergraduate students attending for semesters, and that housing being purchased by SAGA would be great to lease.

He said he has spoken to Gupta about leasing a portion of the rooms and Gupta is discussing it with East Carolina University which has administrative control of the institute. Gupta confirmed the ongoing talks with ECU, but he cautions that nothing is formalized yet.

The guest house has 27 rooms, each with two beds. Two rooms share a bathroom. There also are two efficiency apartments. Washers, dryers, a common kitchen and two common area rooms are available to all guests. Jaye Massacar, executive director of the Friends group, also said that there is ample parking with overflow and a big back yard.

The two remaining lots don’t have a defined future yet. “We have not decided what to do with the remaining parcels at this time,” said Gupta. “Our desire would be to develop additional seasonal and long-term housing since there is a great need for such accommodations.”

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