The property at 120 East Franklin Street in downtown Chapel Hill has been sold. The property was most recently the home of the bar The Library, which closed in June of 2021.
The 120 East Franklin property is located on the same block as UNC’s planned Admissions and Visitor Center. The property was sold to Chapel Hill Foundation Real Estate Holdings, Inc., a nonprofit which develops and manages real estate projects for the university. The building sold for $567 per square foot.
“The property is not part of the university’s future Visitor Center development,” said Vijay K. Shah, who represented the property’s owner in the sale. “But it is located between two properties that were already owned by the foundation. Strategically, it made sense for them to purchase it.”
Porthole Alley, which encompasses 128 through 144 East Franklin Street, is the site of the redevelopment project which includes the new Admissions and Visitors Center. Additionally, design plans have included a dining courtyard, pedestrian bridges, green spaces and a sculpture garden.
“A vibrant student environment that would engage the students with the town in a more actively way than currently exists [is the goal,]” said Richard Maimon — whose architectural firm is behind the project — at a public information session in late 2021. “Innovation infrastructure, a place for entrepreneurship and startup culture evident in the area and arts presence.”
What to do with businesses caught in the middle of the project has been a matter of public discussion. Carolina Coffee Shop, the oldest continually running restaurant in Chapel Hill, has already been guaranteed safety. Other businesses in the block include Cosmic Cantina and Johnny T-Shirt.
“The [120] property may be used to help relocate some of the existing tenants in the 100 block of East Franklin Street that might have to be moved in order to make room for the center,” said Brian Grabowski, who assisted in the building’s sale.
To learn more about the Porthole Alley Redevelopment Project, click here.
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