Cousins Properties Incorporated, which is partnering on the redevelopment of University Square with Chapel Hill Foundation Real Estate Holdings, will discuss the redevelopment at two public meetings on Thursday, Oct. 15. Public input will guide the development of a concept plan to be submitted next spring.
The first meeting, primarily for University Square tenants but open to the public, will begin at 3:30 p.m. in Suite 133-G of University Square, next to Ken’s Quickie Mart. The second meeting will begin at 7 p.m. in the same location. Parking is available on site. Chapel Hill Transit service is available via most routes (http://www.ci.chapel-hill.nc.us/index.aspx?page=706).
These public meetings are the next step in a process that began more than a year ago, when the University of North Carolina at Chapel Hill and the Town of Chapel Hill announced the University’s interest in the 12-acre tract, which is now the site of University Square shopping center and Granville Towers student housing.
The property and existing buildings were purchased by Chapel Hill Foundation Real Estate Holdings, a not-for-profit corporation founded by the University of North Carolina at Chapel Hill Foundation to assist with real estate projects for the University and its affiliated organizations, for $45.75 million from US/GT, LLC, a limited liability company affiliated with the Kenan family.
Cousins Properties Incorporated, a national developer based in Atlanta that specializes in mixed use projects, is partnering with the Foundation on the redevelopment. Cousins recently selected Elkus Manfredi Architects of Boston to help plan and design the project. Elkus Manfredi is noted for its work on the South Campus Gateway at Ohio State University, a project very similar to University Square.
Among the goals for the redevelopment are moving retail businesses closer to Franklin Street and creating a seamless connection from West Franklin Street to campus. Because the property is not owned by the University it would stay on the town’s tax rolls and produce revenue for the town.
The development team envisions both a vibrant and commercially viable project that will enhance the quality of life at the University, in the town and in the region.
Cousins Properties contact: John Goff, (404) 407-1290,
UNC Real Estate Development contact: Gordon Merklein, (919) 962-6172,
News Services contact: Susan Houston, (919) 962-8415 or