Lees-McRae College secures historic $10 million gift to launch innovative housing initiative
As colleges across the country scale back amid mounting financial pressures and declining enrollment numbers, Lees-McRae College is investing in its progress and announcing the largest gift in its history to address demand for high-quality housing.
The landmark $10 million investment, from Charlotte philanthropists Howard “Smoky” Bissell and Margaret Bissell, will fund a new townhouse village designed to serve both students and college employees. This forward-thinking model supports not only the institution’s growing student body, but also faculty and staff recruitment and retention.
The Bissells were inspired to give after attending a speaking engagement with President Lee King, where they learned about the college’s hands-on approach to education and ongoing growth strategy. What they heard wasn’t just a plan—it was a vision they wanted to support.
Mr. Bissell is a Charlotte real estate developer known for projects such as the Ballantyne Corporate Park. Mrs. Bissell worked in various roles at Charlotte Country Day School for more than three decades, including as head of the school during a period of immense growth from 1992 to 2009. Together, they have built a legacy of community investment, with a particular focus on education.
“Quality housing is critical for student enrollment and whether institutions can attract and retain the people who make their mission possible,” King said. “I am incredibly grateful to the Bissells for this generous gift that helps us accelerate the upward trajectory of Lees-McRae.”
The new townhouse development will include eight buildings, with 144 student beds and four housing units for college employees. Lees-McRae enrollment numbers are on the rise, and early projections predict the Fall 2026 incoming class will be the largest in college history. This project directly addresses the growing demand for a Lees-McRae education and reinforces the college’s goals outlined in the strategic plan for continued sustainable growth.
“There isn’t any place I know of—other than Lees-McRae—where the leadership has a plan, they have a Board that is committed to it, and everybody is on the same page,” Smoky Bissell said. “I mean, it is just incomprehensible to me to see this type of opportunity replicated elsewhere.”
Centrally located between North Campus, South Campus, and the Fred I. Dickerson Athletic Complex, the properties will have easy access to all areas of campus via bicycle and walking trails. Construction on the project is set to begin following the 2026 graduation and will be completed for the Fall 2027 semester.
This marks the college’s first new construction project since the May School of Natural and Health Sciences was completed in 2014, and the third major investment the college has made toward expanding or improving on-campus housing since 2022, signaling continued momentum and a strong outlook for the institution’s future.
