The $2.2-Billion Bet

For its 175th birthday, Limestone University got itself a new library and student center designed to be the heart of the Gaffney, S.C., campus. On a sunny day in January 2020, campus officials wearing hard hats and holding shovels officially broke ground on the $18-million student complex, which features dining options and an academic-success center. The next year, a media tour of the space showed off large expanses of windows that allowed for sweeping views of the campus and study areas for students, plus hangout spots. University officials hadn’t lost any enthusiasm for the project. One called it a “game changer” for the rural campus. Three years later, the building is open and prominently featured in recruiting videos. But the university is in worse financial shape.