CHAPEL HILL -- Developers remaking the University Square skill at the opening to the UNC-Chapel Hill campus pattern to finish the initial proviso of the plan in 2014.
At a display to the Friends of Downtown this morning, officials pronounced they goal to contention their initial focus to the Chapel Hill Town Council this fall. It should take about dual years to pattern the plans and get them authorized and an additional dual years to rise the initial phase, the piece closest to Franklin Street.
It would reinstate the existent selling core buildings off West Franklin Street with new, four- or five-story buildings: sell on the belligerent building and offices above.
A parking garage wrapped by townhomes would additionally be piece of the initial phase.
All told, Chapel Hill Foundation Real Estate Holdings and growth partner Cousins Properties plan to spin the twelve hactare site -- right away being called 123 West Franklin Street -- in to a mixed-use plan with new tyro housing, affordable and market-rate housing, shops, offices, a parking rug and a county space.
The idea, they said, is to close the opening in between the dual halves of Chapel Hills downtown and to thematically bond the plan with the new eight-story 140 West Franklin common ownership plan programmed for opposite the street.
The plan will additionally have immature space.
"Right right away we"re twelve acres of bricks and pavement and concrete," pronounced Gordon Merklein, senior manager executive of genuine estate growth for UNC. "A lot of times I encounter the kids at Granville and ask where do you throw a Frisbee."
Granville Towers, a tyro college building formidable in the site would in the future be demolished and replaced, but not for at slightest 1o years, Merklein said.
Chapel Hill Foundation Real Estate Holdings, a not-for-profit house founded by UNC-Chapel Hill Foundation to support with genuine estate projects for the University and the dependent organizations, purchased the tract and the existent buildings for $45.75 million from US/GT, LLC, a singular guilt association dependent with the Kenan family.
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