Orange County Economic Development

Chapel Hill’s newest recruit — A 6-story building with music venue

Triangle Business Journal

A concept plan to build a six-story, mixed-use building with a music venue and parking deck was met with preliminary approval by Chapel Hill Town Council at its meeting Wednesday night.

Last fall, Council issued a request for proposal and ideas for what could be built on a half-acre, town-owned parking lot at 415 W. Franklin St. Two proposals were submitted, but only one from Legacy Real Property Group of Chapel Hill met qualifications.

Legacy’s plan, made public at the meeting, includes building a six-story, 95,135-square-foot building with retail, office space and about 39 residential units. The plan would designate 15 of the residential units as affordable housing. The estimated cost for the project is around $12.6 million

The building could also include a two-level music and entertainment venue inside that would cover about 12,000 square feet on the first floor and 4,000 square feet of the second floor of the building.

A secondary part of Legacy’s plan includes an adjacent parking deck accessible from Roberson Street that would have up to 450 spaces on four levels. The deck could be faced on two sides with additional apartments or condos, and the town would have the option of buying or leasing parking spaces for public use. Estimated costs for building the parking deck and housing units were not included in the proposal submitted in September.

The project, though, still has a ways to go before breaking ground. At the meeting, Council authorized continued discussions with the partners of Legacy Real Property Group, which must next work through a draft of financial issues, then a development agreement, then a site plan proposal for the town’s planning commission and Town Council.

Legacy is led by principals Mark Moshier and Drew Howell. Its project team also includes the Tise-Kiester Architects firm of Chapel Hill and Durham-based Belmont Sayre.

Amanda Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate