140 West Franklin

[DanRNC]

I have been watching this development for some time and can predict the vote:

Foy-yes

Greene-yes

Kleinschmidt-yes

Thorpe-yes

Strom-yes

Hill-yes

Harrison-yes

Ward-no

Easthome-no

Greenbridge and East54 (both LEED projects) will soon pass as well. East54 may get approved quicker as the Council loves it for its affordable housing component.

[DanRNC]

After nearly a century (at least it felt that way) the Lot 5 project has finally been approved.

Story

[DanRNC]

It looks like the former Wicked Burrito spot has been purchased as well as McFarling's Exxon. Both were purchased by local folks. It will be intersting to see what happens at these locales.

[ChiefJoJo]

N&O article on the Ram project...

Some residents are wondering who will pay for the condos... some wonder why older couples or younger professionals would want to live on college row. I say, the 25-35 and older urban dweller market is so underserved, there must be a lot of pent-up demand for this type of living.

Ram is not quite ready to set prices on the 137 condos it plans to build on the town-owned parking lot. But Florian said similar projects in other bustling college towns have commanded $300 to $350 a square foot. In Ram's case, that would mean the largest penthouses could top $850,000, and the typical condo could rise above $500,000.

Florian also said the prices will be competitive with Greenbridge and East 54, two developments that the Town Council approved earlier this week.

The Greenbridge developers have estimated their units will sell for $350,000 to $1 million, and developer Roger Perry has said the most expensive condo at East 54 would approach $600,000.

"It's certainly going to be upscale," Florian said. "We'd like to be a little less than the competition and offer a little bit more."

[davidals]

N&O article on the Ram project...

Some residents are wondering who will pay for the condos... some wonder why older couples or younger professionals would want to live on college row. I say, the 25-35 and older urban dweller market is so underserved, there must be a lot of pent-up demand for this type of living.

[ChiefJoJo]

It looks like the final hurdle in the Ram/Lot 5 Condo Project is passed. The Chapel Hill Board signed a final contract with Ram to develop a the $75M condo and retail structure on the 1.7 acre lot 5. Apparently there is soil contamination and at least 12,000 tons of it will have to be removed prior to construction, althought the exact figure is not known. Chapel Hill has invested the land (lot 5), $7.5M for the building, and 232,000 or the cleanup for the project.

[ChiefJoJo]

Here's the project website, and some more maps and renderings from the town. No word on when construction is expected to begin, although I suspect that the long delay in achieving town approvals in conjunction with the mortgage situation has not helped condo pre-sales.

[ChiefJoJo]

I was in Chapel Hill over the weekend, and noticed they have signs up next to the sidewalk for the project. I think the sales center is going to be where the old gas station was next door. On their website, it says construction should begin this fall. Here's the Rosemary view:

Certainly better than a surface lot... though downtown parking may be a bit tighter when construction begins.

[ChiefJoJo]

140 West Franklin is struggling to get out of the ground.