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UNC-Chapel Hill, Town of Chapel Hill and Developers to break ground at Carolina Square on Oct. 22
The multi-use development will be a centerpiece for arts, entertainment, commerce and community in the heart of downtown Chapel Hill
(Chapel Hill, N.C. – Oct. 19, 2015) – Marking the next phase of progress at Franklin Street’s Carolina Square development, leaders from the University of North Carolina at Chapel Hill, including Chancellor Carol L. Folt and Board of Trustees chair Dwight Stone, will join the presidents of development partner firms Cousins Properties and Northwood Ravin and Mayor Mark Kleinschmidt for the formal groundbreaking on Oct. 22 at 11 a.m.
Formerly University Square, the $123 million mixed-use space will be the first of its kind in downtown Chapel Hill, featuring retail, office and residential space, parking and a green space for performances and entertainment. Slated to open in August 2017, the complex is expected it to be a popular destination for the community and region that will advance the revitalization of Franklin Street.
Recognizing the collaborative potential of Carolina Square, UNC-Chapel Hill has committed to more than 50 percent of the complex’s office space, which will allow groups from the Carolina Population Center and the Gillings School of Public Health to work alongside each other on research efforts.
With the goal of increasing its integration of arts, academics and community, Carolina is also helping to fund The Core at Carolina Square, a nearly 8,500 square-foot innovation lab, studio and theater space. Run by Carolina Performing Arts, The Core will serve as the creative home for artists-in-residence to collaborate with students, faculty and the community and will feature an annual program of public performances.
“As construction starts here at Carolina Square, we know we are building more than rooms and hallways. We are creating a vibrant open door to creativity and the arts; a place where people will dance and sing, think and create,” said Chancellor Folt. “I can’t wait to see the new ideas and spirit that will be born right here on Franklin Street.”
An equal-partner joint venture between Cousins Properties and Northwood Ravin, the three-building complex will offer a total of 159,000 square feet of office space, 43,000 square feet of retail space and 246 apartments. Northwood Ravin will oversee the development, construction and property management of the entire development, while Cousins Properties will oversee commercial leasing. CBRE is leading the local commercial leasing efforts and is in negotiations with several local and national tenants.
“We’re excited to bring Northwood Ravin’s signature style that marries quality and convenience in an urban setting to Chapel Hill,” said David Ravin, President of Northwood Ravin. “There’s no better way to make an impact on Chapel Hill than by developing something dynamic on Franklin Street, so we’re delighted to begin in earnest.”
The modern complex will feature quality, upscale design in a setting that values indoor/outdoor living, including a 0.6 acre park that will offer an urban green space for local events.
“We are excited to break ground at Carolina Square and anticipate it will be a terrific complement to the already vibrant Franklin Street,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins Properties. “We know the quality of Northwood Ravin’s first class multi-family developments and our strong relationship with UNC-Chapel Hill will contribute to the overall project’s success.”
Mayor Mark Kleinschmidt and leaders from the Town of Chapel Hill also advocated for Carolina Square as a community plaza that will expand the lively offerings of downtown.
“When the Council approved Carolina Square, we sought to transform a crumbling strip mall full of cars but not people, into a thriving downtown landmark where people could live, work, and play,” said Kleinschmidt. “Carolina Square will add quality entertainment, retail and public space for all of Chapel Hill to enjoy. I am excited to roll up my sleeves and grab a shovel as we celebrate the beginning of this work.”
About the University of North Carolina at Chapel Hill
The University of North Carolina at Chapel Hill, the nation’s first public university, is a global higher education leader known for innovative teaching, research and public service. A member of the prestigious Association of American Universities, Carolina regularly ranks as the best
value for academic quality in U.S. public higher education. Now in its third century, the University offers 78 bachelor’s, 112 master’s, 68 doctorate and seven professional degree programs through 14 schools and the College of Arts and Sciences. Every day, faculty – including two Nobel Laureates, staff and students shape their teaching, research and public service to meet North Carolina’s most pressing needs in every region and all 100 counties. Carolina’s more than 308,000 alumni live in all 50 states and 150 countries. More than 167,000 live in North Carolina.
About Cousins Properties Incorporated
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in top-tier urban office assets and opportunistic mixed-use developments in Sunbelt markets. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more information, please visit www.cousinsproperties.com.
About Northwood Ravin
Northwood Ravin is a privately held luxury apartment development, construction and property management firm serving the Southeast. The Northwood Ravin team has developed, managed and constructed over 46 luxury apartment communities, each individually designed and crafted for its specific site and submarket. Known for its award-winning sustainable luxury apartments, Northwood Ravin prides itself on careful planning, precise execution and attention to detail.
Northwood Ravin develops apartment communities and mixed-use venues with a singular focus: to create communities that foster healthy lifestyles, neighborhood involvement and appealing living environments. Based in North Carolina with offices in Charlotte, Raleigh, and Tampa Fla., Northwood Ravin has projects from Richmond, Va., and Nashville, Tenn., to Tampa and Dallas. For further information on Northwood Ravin, please visit www.northwoodravin.com.
Communications and Public Affairs contact: MC VanGraafeiland, (919) 962-7090, firstname.lastname@example.org
Cousins and Northwood Ravin contact: Allison Christopher, (404) 407-1962, AllisonChristopher@cousinsproperties.com