Years of planning: seven. Units of upscale condominiums: 140. Square feet of retail space: 28,540. Estimated value: $75 million.
Officials, business leaders and residents alike realize the implications of 140 West Franklin, a project launched by the Town of Chapel Hill as part of its Downtown Economic Development Initiative.
The development combines public, commercial and living spaces with the goal of recharging the downtown atmosphere. The structure, eight stories tall at its highest point, will replace the town-owned Parking Lot 5 at the intersection of West Franklin and Church streets.
At a public meeting last month, representatives from Ram Development Company, the firm chosen to lead the effort, said construction could start in as few as five weeks. The timeline depends on how soon zoning and building permits can be completed and processed.
The benefits are tremendous, officials say. But some residents are asking tough questions on how traffic, parking and business will be impacted, for better or worse.
Street closures
The decision isn’t final, but town spokeswoman Catherine Lazorko said officials are considering closing stretches of Church and West Franklin streets.
“That’s really due to safety concerns,” Lazorko said. “There’s a great deal of pedestrian activity through that area, and the town engineering staff believe that the closure would be the best.”
Town engineer Jay Gibson said the section of Church Street between West Franklin and West Rosemary streets would be closed to vehicular traffic for most, if not all, of the two-year building process.