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Jan. 25, 2013

$55M Mixed-Use Development in Downtown Chapel Hill Nears Completion

by Adriana Pop, Associate Editor

One of Chapel Hill’s largest mixed-use projects, 140 West Franklin will be complete by late April. Located at the intersection of West Franklin and Church streets, the venture is expected to boost economic activity and bring new markets to town.

According to The Daily Tar Heel, the $55 million downtown complex will offer 140 condominiums, 26,000 square feet of retail space, a public plaza and 337 parking spaces. Developed by Ram Realty Services, the structure stands eight stories tall at its highest point.

“The goal was definitely to develop Franklin Street — this is some of the first Class A retail space available on Franklin Street in a long time,” development manager Jon Keener told the newspaper.

While most of the retail space has already been leased, 140 West’s residential units have also been popular. So far, 99 of the total available condominiums have been sold. The size of the homes ranges from one-bedroom units to two-story terrace residences, with prices ranging from $325,000 to $1,525,000.

In other news, The Nature Conservancy will move its regional and state headquarters to Durham’s American Tobacco Campus by the end of the month. The Triangle Business Journal reports that the nonprofit organization will relocate its 40 to 50 employees and volunteers from the One University Place building in south Durham to 13,000 square feet of downtown space in the Strickland Building.

“For us, moving to American Tobacco made perfect sense and opened up lots of opportunities to be both more sustainable and make a bigger impact on our community,” said Katherine Skinner, executive director of The Nature Conservancy’s North Carolina Chapter.

The American Tobacco campus is owned and operated by Capitol Broadcasting Company Inc. The organization also owns the Diamond View office buildings in Durham.

Photo credits: www.ramrealestate.com