The rumors of a metro-Target coming to downtown Chapel Hill appear to be nearing a reality.
Northwood Ravin’s Jeff Furman teased the crowd that was filling the room at the Franklin Hotel for the Friends of the Downtown monthly meeting on Thursday with more clues about the urban market set to occupy a major portion of Carolina Square.
“Unfortunately, right now, I still can’t say the name,” Furman said of the rumors. “But it is that, sort of, quintessential urban market.”
Throughout his presentation, Furman dropped more hints about the unnamed urban grocer that would be coming downtown, including when asked if the commercial occupants would have dedicated parking.
“That deck has about 650 spaces in it,” Furman said, “and we are striping off 30 spaces with a red bullseye.”
The rumors of a metro-Target occupying the development have been swirling for months with no formal confirmation, only hints and excitement.
The urban market will occupy the ground level of one of the buildings in the $123 million mixed-use development on Franklin Street. A groundbreaking was held last fall for Carolina Square and construction officially began earlier this year.
Furman estimated the construction was about 40 percent complete.
The development will include 246 apartment units and nearly 160,000 square feet of office space, in addition to the retail space. A $5 million performing arts center will also be in the space, courtesy of a partnership UNC.
The apartment units will range from studios to three bedrooms, Furman said, and will come with a price tag of $1,000 – $3,000 per month.
“It’s in an urban context so you’re going to have to get here,” Furman said after the meeting. “But the pitch is – once you’re here, you’ve got everything there at your fingertips.”
Furman said the addition of the urban market builds on the convenience factor of living in the downtown development.
“It’s part of that lifestyle,” Furman added. “All this is at your fingertips, so spend more time doing what you want to do or what you’d like to do and less time driving from Point A to Point B to Point C.
“You’ve got it all right here.”
Furman said the urban grocer is slated to open July 15, 2017 with other openings quickly following.