Everything currently at the 12-acre lot that includes University Square and Granville Towers will be knocked down and redone as the University redevelops the property.

At a presentation Thursday to more than 100 community members, developers of University Square said Granville Towers wouldn’t be torn down for at least 10 years until the office and retail renovations are complete.

“There’s multiple reasons to tear down Granville, everything from better utilization of space to the age of the buildings,” said Gordon Merklein, UNC’s executive director of real estate development.

Developers revealed a tentative conceptual design at the meeting, which was hosted by Friends of the Downtown.

The design includes plans for increased retail, office, residential, student housing and parking space, as well as the potential for incorporating a cultural or civic center and an open space.

Here are developers’ estimates of the market potential:

• 90,000 to 120,000 square feet of retail
• 200,000 to 300,000 square feet of office space.
• 300 to 500 residential units.
• 700 to 1200 beds for student housing.
• More than 2000 parking spaces.

The UNC-Chapel Hill Foundation purchased the square in 2008 and selected Cousins Properties to develop it.

John McColl, executive vice president of development for Cousins Properties, stressed the importance of flexible plans to meet the town and University’s changing needs.

Embracing a phased plan for development will help the businesses and housing stay functional during the project, he said.

The plans are divided into blocks of buildings that will be rebuilt or removed in each phase. The goal is to leave Granville and open businesses intact during each stage of construction.

Cousins Properties expects to begin construction in 2012 and complete the office and retail space on the front face of the property in 2014. Plans include moving storefronts to the sidewalk to match the rest of Franklin Street.

The University still needs Granville’s student housing, but the towers will be phased out as new housing replaces them in the second stage of redevelopment.

The timeline for the project is long-term, but McColl and Merklein emphasized the need to put careful planning into every aspect of the project in order to best address the community and town’s needs.

“I think they’re right on,” said Pat Evans, Friends of the Downtown chairwoman. “The more time and thought that goes into this, the better the product is going to be.”

Developers must address several issues before presenting the plan for the town’s approval. McColl said the company had not yet figured out how to help current tenants relocate during the first phase.

Merklein said he expects community members will have mixed reactions about the parking and access plans as well.

“I really don’t see any major roadblocks except for the typical planning-design-approval process in Chapel Hill,” McColl said.



Contact the City Editor at citydesk@unc.edu.