You may have heard rumors, but it was confirmed last week: Chapel Hill’s central downtown will be getting a new metro-style Target, possibly as early as July 15, 2017. The new Target outlet with grocery, household, and other goods, will anchor the Carolina Square development, now under construction where University Square once stood at 123 W. Franklin Street. The 21,000- square-foot Target will offer a classic urban market feel.
Construction of Carolina Square’s one 11-story and two 5-story buildings is approximately 40 percent complete, according to developer Jeff Furman. Ample parking will be available, with more than 800 spaces in both surface lots and a parking deck. According to Furman, “All the retail and office parking is in the (Building) C deck. The deck has about 650 spaces in it, and we are striping off 30 spaces with a red bull’s eye in there” (referencing Target’s retail logo). Furman said some parking will be free to the public on evenings and weekends.
In addition to Target, the development will feature 246 high-end studio apartments ranging in monthly rent price from $1,000 to 3,000. Residents will enjoy a flexible social space, dog area, full fitness gym, yoga room, and pool, complete with a courtyard and skydeck. There is even an option to select a studio with an elevated terrace along Franklin Street, which includes an outdoor living space with fireplace.
Other buildings will be used for retail and office space, and a small lawn will be used for public events. A couple of restaurants have already signed leases. The restaurant b.good is a farm-to-table fast food chain featuring items such as kale and grain bowls, seasonal salads, all-natural burgers, smoothies, and more. Pieology pizza restaurant features house-made crusts, signature sauces, and dozens of fresh toppings. Most of their custom pizzas are expected to cost less than $8. Eight additional storefront leases are also in the works.
Cousins Properties Incorporated and Northwood Ravin are developing the location. In a release, Jeff Furman, vice president of Northwood Ravin, said, “The addition of Target, Pieology and b.good to the project provides our residents and customers, as well as the surrounding neighborhoods and our UNC community, a unique and highly sought-after offering.”
For more information about this development or other information about living in Chapel Hill, contact Real Estate Experts at 919-813-6449 or [email protected]. Visit us online at realestateexperts.net.