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Raintree21

UNC to buy University Square on Franklin Street

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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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Demolition is beginning soon on this. Time Out closes at the end of the month and will relocate further down Franklin St. 

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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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This University Square project is great in downtown Chapel Hill. Here are some photos I took today. http://carolinasquarenc.com/ Lots of retail including the City Target, apartments and office space. 

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That section of Franklin and the already built portion across the street, really needed something with height and retail. Glad they got both but hope some local businesses sign on.

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