News Brief: UNC Foundation buys Franklin property

Jun 19, 2008 News Jump to Comments

University and town officials announced a deal Friday by the UNC-Chapel Hill Foundation to purchase Granville Towers and University Square in a deal valued at $45.75 million.

At an announcement at Chapel Hill Town Hall, UNC Board of Trustees Chairman Roger Perry said the university has no immediate plans to alter the site, but that a future development would respect the commercial frontage on Franklin Street. Perry said the property would remain on the tax rolls under the deal with the foundation.

UNC Chancellor James Moeser said redevelopment of the lot would likely include a parking facility to serve the downtown and the university’s Arts Common venues.

Perry, Moeser and Chapel Hill Mayor Kevin Foy said they expect to solicit community input in developing the plans for the site, which also borders Cameron Avenue.

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