In as few as six years, University Square could be well on its way into an ambitious redevelopment.
The redevelopment would revamp the look of the site, creating a 25-foot-wide sidewalk for outdoor dining and window shopping, a full acre of green space and stores facing the street instead of buried behind rows of parking.
Developers for the site held a public information session Wednesday to update residents on their progress and to field more questions and comments.
John McColl, executive vice president of Cousins Properties, said he hopes to file the initial plan with the town in mid-September.
Cousins Properties was selected by the UNC-Chapel Hill Foundation to redevelop the site after the group purchased University Square in June 2008. The property includes Granville Towers, Time-Out Restaurant and other Chapel Hill landmarks.
“We believe that a place needs an anchor,” McColl said. He elaborated that University Square could serve that purpose for Chapel Hill because of its unique ability to bring businesspeople, students and residents together in a single location.
McColl said the first phase of construction, which would include market-rate housing along with retail, cultural and office space, could be complete in six to eight years following the application process.
John Martin, the project executive and a principal with Elkus Manfredi Architects, stressed his goal to think long-term in designing the site.
“We’re trying to have a 30- to 50- year time frame here,” he said. “Not a three- to five-year time frame.”
Martin said that in addition to a net gain of about 550 parking spots, the site could also become more accessible to people on foot or on bicycles.
Much of the parking will be underground so as not to define the area, he said.
Future stages of construction will include more retail and office space and parking. Granville Towers will also be torn down to make room for more housing.
