This study examines how a university's research activities are viewed through the priorities of both of the university and the surrounding community. Framed by the notion of anchor institution, the study reports the results of a case study of the US regional university within an urban context. The findings demonstrate the lack of consensus around the role of the university, the disconnect related to research priorities between the community and the university, and the role of faculty activities and rewards. The analysis shows the challenges with universities with high research activity serving as anchor institutions, particularly related to social concerns. Implications for universities and researchers are also addressed.