New Hyatt Place Hotel Planned at Southern Village in Chapel Hill
- Mar 01, 2014
by Adriana Pop, Associate Editor
A new five-story Hyatt Place hotel will soon rise at the Southern Village community in Chapel Hill. According to the Triangle Business Journal, Bryan Properties and its development partner, Beacon ING of Charlotte, have recently finalized a management agreement with the Hyatt Hotels Corp.
Construction on the 110-room hotel, which was approved by the Chapel Hill Town Council in October, should begin this summer and be complete in 12 to 15 months. The property will be located on a parcel of land on Highway 15/501 South, between the two entrances to Southern Village, and adjoining the existing Southern Village Apartments district.
“We are looking at it as the third anchor for the Village Center,” D.R. Bryan, president of Bryan Properties, told the newspaper. The Weaver Street Market and the Lumina Theater movie cinema are also located in this area of the neighborhood.
Established in 1994, Southern Village spans across 312 acres of land. It was developed by Bryan Properties and includes 550 single-family homes, 375 townhomes and condominiums, 250 apartments, and 350,000 square feet of retail, office, and civic space.
Other Hyatt Place properties in the Triangle are located on Corporate Center Drive in west Raleigh, on Airgate Drive near the Raleigh-Durham International Airport and on Navaho Drive in north Raleigh. A similar property could soon be developed at the N.C. State University’s Centennial Campus.
In other news, the Triangle Business Journal reports that Greystone Quinvest Properties of New York has acquired a 360-unit apartment community in Cary. C-III Capital Partners of Irving, Texas sold the 20-year old property known as Cary Brook Apartments for $24.3 million.
Located near the intersection of Walnut Street and Buck Jones Road, the pet-friendly community offers one- and two-bedroom apartments, along with a variety of amenities, including a swimming pool, lighted tennis courts, 24-hour maintenance and a 24-hour fitness center.
Photo credits: Bryan Properties