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UNC to buy University Square on Franklin Street


Raintree21

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UNC-Chapel Hill has announced that is about to close on a $45.75 million purchase of University Square shopping center which sits on Franklin Street and borders university property. The site has over 1,300 private student residences, several acres of surface parking lots, and probably 50+ businesses. No plans are set just yet but Chancellor Moeser says he foresees at a minimum, parking decks to be constructed to help ease on campus parking.

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It'll be interesting to see how heavily the university levies it's mighty sword upon the Granville Residents. ie: getting caught with contraband could now jeopardize your status as a student. With Granville privately owned, there was at least some firewall between the two.

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Target will take up about half the retail space with a "flexible format" store. Pieology and b.good also signed leases. Hopefully some local businesses fill out the rest of the space. The Target should increase foot traffic on Franklin which is a good thing since students tend to stay on campus to eat now rather than going to Franklin. 

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the mini Target is opening up in Chapel Hill's Carolina Square this month on the 23rd. This is great mixed use project for Chapel Hill offering apartments, retail, office space. https://www.bizjournals.com/triangle/news/2017/07/11/target-chapel-hill-franklin-st-carolina-square.html    If you haven't seen it ride over from Raleigh or Durham. 

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