via Chapel Hill News
CHAPEL HILL – Downtown Chapel Hill’s second biggest condominium project got under way last January after more than a decade of planning.
The $55 million 140 West development will have 140 condominiums, shops, a public plaza and an underground garage at the intersections of Franklin, Church and Rosemary streets. The building will stand four stories tall along Franklin Street; it will “step back” to eight stories tall at the center.
The town is paying the developer, RAM Development Co., $7.245 million using tax-exempt borrowing for underground public parking spaces, $45,000 per parking space, after construction.
Construction on the project will take at least one more year.