Less than five residents turned out to voice their opinions at a public hearing on a proposed Rosemary Street development which would bring more rental properties to the downtown area.
Larry Short, the developer of the proposed Shortbread Lofts, said the development would bring more foot traffic to downtown and would fill a void in the housing market for rental properties for those who can’t afford to buy condominiums.
“By having almost 300 more people living downtown, they would most likely walk to the businesses on Franklin Street,” he said. “I think there’s a strong demand for rental downtown.
Short previously owned The Warehouse apartment complex with business partner John McCormick through a limited liability company called Rosemary Park West.
McCormick, a former attorney whose clients included the Chapel Hill-Carrboro City Schools district, was jailed for embezzlement in 2008 after misusing his clients’ funds.
Shortbread Lofts would include 76 rental units and 171 parking spaces. The building, which would be located on the 300 block of West Rosemary Street, would be six stories tall with underground parking and a floor for commercial use.
The project was first proposed in 2005 but was delayed because of the poor state of the economy.
“The length of time has mostly been due to the economy,” Short said. “Things appear to be picking up so it seemed like the best time to go.”
Phil Post, engineer for the project, said surrounding properties would also benefit from the development because all underground utilities would be updated.