The new owners of University Place in Chapel Hill plan to “modernize the property and create a true town center for Chapel Hill.”

The mall was bought by Ram Realty Advisors, a branch of Ram Realty that also owns Elliot Square in Chapel Hill and is developing the Fordham Boulevard Apartment project.

“There’s no set plans at this point in time,” said Chapel Hill Mayor Pam Hemminger on The Aaron Keck Show. “They’re investigating and kind of thinking about what would work here and what would make this area work.”

The mall was rebranded as University Place in 2015 and has been anchored by Silverspot Cinema and Southern Season.

Ashley Saulpaugh from Ram Realty Advisors said the initial focus would be to build on what the previous ownership had started “in converting some of the interior spaces to exterior facing.”

That focus will begin on the spaces adjacent to Bartaco, which opened on the Estes Drive side of the mall in 2018 and utilizes a large patio space for outdoor dining.

Speaking on the topic of economic development for Chapel Hill, Hemminger said the goal is more commercial space for jobs.

“We want to have people to be able to live and work here and play and grow and learn all kinds of things. So we’re looking at more commercial opportunities.”

While the process of transforming University Place is only in the planning stages right now, Hemminger reiterated that the public will be invited to attend meetings as the Chapel Hill Town Council and Ram Realty work to improve the space.

Listen to the complete interview with Chapel Hill Mayor Pam Hemminger on The Aaron Keck Show:

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