Chapel Hill Foundation Real Estate Holdings and development partner Cousins Properties Inc. of Atlanta have agreed to hire Elkus Manfredi Architects of Boston to guide the development of the foundation-owned property on Franklin Street. The 12-acre tract is now the site of University Square shopping center and Granville Towers student housing.
Chapel Hill Foundation Real Estate Holdings and development partner Cousins Properties Inc. of Atlanta have agreed to hire Elkus Manfredi Architects of Boston to guide the development of the foundation-owned property on Franklin Street. The 12-acre tract is now the site of University Square shopping center and Granville Towers student housing.
Elkus Manfredi was selected from among six firms based on its experience with mixed-use urban development in a university setting. The firm is noted for its work on the South Campus Gateway Project for Ohio State University, which has similarities to this project.
“Elkus Manfredi is delighted to have been selected for the University Square project,” said David Manfredi, principal of Elkus Manfredi. “The process is just beginning, and we are excited to work with the University, the developer and the town to explore the opportunity.”
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, purchased the tract and the existing buildings for $45.75 million from US/GT, LLC, a limited liability company affiliated with the Kenan family. The foundation’s partner in the project, Cousins Properties, is a national developer specializing in mixed use based in Atlanta. Cousins Properties hired the architect.
“Cousins Properties is looking forward to developing a vibrant and exciting project that will reconnect the property back to Franklin Street and the campus,” said John Goff, Cousins Properties senior vice president of development.
Preliminary plans for the property include increasing retail space and constructing a parking deck. The public will be invited to participate in future information sessions and forums as the architects develop a concept plan to be submitted next spring.
“This is a first step in helping us achieve our original goal of meeting the University’s needs and playing a larger role in downtown revitalization,” said Gordon Merklein, executive director of real estate development for UNC.
UNC news release announcing sale: http://uncnews.unc.edu/content/view/1286/107/
Cousins Properties contact: John Goff, (404) 407-1290, JohnGoff@cousinsproperties.com
UNC Real Estate Development contact: Gordon Merklein, (919) 962-6172, merklein@unc.edu
News Services contact: Susan Houston, (919) 962-8415, susan_houston@unc.edu