Target coming to Franklin Street in 2017
The Carolina Square development, now under construction where University Square once stood at 123 W. Franklin Street, will feature a Target outlet with grocery, household and other goods, developer Jeff Furman said. The store’s tentative opening date is July 15, 2017.
Northwood Ravin and Cousins Properties, the companies partnering to develop Carolina Square, will make a formal announcement about the Target store Thursday, Furman said.
Pat Evans, chair of Chapel Hill’s Friends of the Downtown, said between 75 and 90 people attended the organization’s June 30 meeting where Furman indicated the development’s long-speculated inclusion of a Target store was official.
The $120 million Carolina Square mixed-use development will comprise three buildings and a small lawn, which could host public events. The development spans more than 200,000 square feet of office, retail and residential space in total, according to Northwood Ravin’s website.
In addition to Target, the development will feature 246 studio apartment units ranging from $1000 to $3000 in monthly rent.
“We’re kicking off residential marketing this summer,” Furman said. “You’ll see us have a presence in and around campus. We’ve got the team ready, we’ll hit the ground running.”
The construction of Carolina Square is about 40 percent complete, Furman said. Some restaurants, including a Pieology pizza joint and b.good, a source for health-conscious fast food, have already signed leases, with an additional eight storefront leases expected.
In total, the development will have more than 800 parking spaces, 30 designated with the red Target Bullseye and 650 total retail and office parking spaces. Furman said some parking will be free and publicly available on evenings and weekends.
UNC’s Carolina Population Center and Gillings School of Global Public Health have leased 62,000 square feet of office space at Carolina Square, Furman said.
Local artists, musicians and performers will have access to the development’s $5 million Carolina Performing Arts innovation lab and studio and theater space, which will also offer events and activities for students and community members.
Furman said so far, construction is on schedule.
“All that is going according to plan,” he said.
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