Transformative Project Coming to Chapel Hill

A high-profile mixed-use development will soon rise south of The University of North Carolina at Chapel Hill’s campus on Highway 15-501 across from Southern Village.

A high-profile mixed-use development will soon rise south of The University of North Carolina at Chapel Hill’s campus across from Southern Village.

Rendering of Obey Creek - Chapel Hill

Rendering of Obey Creek – Chapel Hill

Called Obey Creek, the 1.6 million-square-foot project received approval from the Town of Chapel Hill in June. Plans call for up to 350,000 square feet of retail space, 600 apartment units, 375,000 square feet of office space and a hotel component.

CBRE Raleigh has announced its engagement with East West Partners and Caves Valley Partners to offer development consulting and exclusive retail leasing services for Obey Creek.

Charlie Coyne, senior vice president, Reagan Crabtree, vice president and Matt Larson, vice president of CBRE Raleigh’s retail services team will be leading leasing efforts for the project.

According to the NewsObserver, the Town’s recent decision wrapped up six years of talks and eight months of negotiations with developer East West Partners. The approval also reverses a 23-year-old community expectation that new developments east of U.S. 15-501 would be limited to low-density homes and neighborhood businesses.

Supporters of Obey Creek argue that the project would bring more retail options, tax dollars, affordable housing and other public benefits. Critics, on the other hand, cite concerns about a worsened traffic on U.S. 15-501 and smaller neighborhood streets.

Rendering via CBRE Raleigh