The Town of Chapel Hill is considering a proposed East Rosemary Street Redevelopment Project in conjunction with Grubb Properties.
The proposal involves construction of a 1,100-space parking deck and an office building with web lab space, bringing an estimated $50 million investment and 800 jobs. UNC-Chapel Hill is exploring the possibility of joining the envisioned Innovation Hub.
The project is expected to attract new entrepreneurs and retain local businesses. Development of office space has remained stagnant for over a decade in Chapel Hill. Additional community benefits include increased centralized parking, new greenspaces, improved bike and pedestrian connections, and downtown jobs to support our restaurant and retail businesses.
Exchange Wallace parking deck/land for 137 (CVS) parking deck and adjacent parcels
Build a new parking deck on 137 East Rosemary parcel that provides a total of 159 new public parking spaces (1,100 space deck)
Grubb constructs a new wet lab/office building of 200,000 square feet in downtown (project value of $80 million)
$50 million in new investment
800 new jobs
Increase connectivity among walking, bicycling and multi-modal networks
What is an Opportunity Zone?
Opportunity Zones are qualifying census tracts, as originally established under the Markets Tax Credits program and confirmed by the Treasury Department to be used for this program. Governor Roy Cooper’s target was to have at least one designated opportunity zone per county. This is the only Opportunity Zone in Orange County.