Carolina Square, one of the newer options for off-campus apartments, has attracted many tenants since it's been in town -- more than just students. The University and Carolina Square are finalizing an agreement to put administrative offices on the sixth floor, and the two have had an ongoing relationship since the development was built next to Granville Towers.
Currently, the University has a number of leases active at Carolina Square.
There’s office space for the School of Public Health which runs UNC just upward of $1 million per year. Carolina Population Center has space with an annual rate just south of $2 million. A project for Carolina Performing Arts was completed in 2018 with a $3 million price tag.
Last year, the Board of Trustees began work on acquiring a new lease, but discussions have been dragging for months and ideas for the purposing of the space have changed over time.
At a July 2018 meeting, the BOT requested approximately 33,000 square feet of space on the sixth floor of Carolina Square. The plan was to operate the space in alignment with a third-party life-sciences company, which would create infrastructure that would entice start-ups to flock to the space. The potential to lure promising new companies to Chapel Hill was an attractive possibility for the BOT, who sought a 10 year lease at an annual rate of a little over $1M per year.