Earlier this year, the Triangle Business Journal recognized 140 West Franklin with its Best Mixed-Use Project Award. Now the Urban Land Institute (ULI) Triangle Chapter has announced the mixed-use project as a finalist for the J.W. Willie York Community Influence Award. The award is presented to companies and projects that make exceptional contributions to the creation and vitality of thriving communities in the Triangle Region. The award ceremony will be held on September 25 at the North Carolina Museum of Art.
140 West Franklin is located in the heart of downtown Chapel Hill adjacent to the University of North Carolina. The development was a collaborative effort between Ram and the Town of Chapel Hill. While multiple competitive bidders pitched concepts for the 1.73-acre parcel, Ram was chosen because its vision fully aligned with the Town. Today the finished development comprises 139 residential units – including 18 affordable housing units – as well as 26,000 square feet of ground floor retail, two levels of underground parking, and a public art installation by Mikyoung Kim entitled Exhale. As part of the transaction with Chapel Hill, the Town purchased the first level of underground parking to replace the 161 surface parking spaces that were removed to make room for the development.
To date, 129 of the 139 units have closed (93%) and the ground floor retail is over 70% leased. Retail tenants include Old Chicago Pizza and Tap Room, Lime Fresh, Gigi’s Cupcakes, Spicy 9, Gentlemen’s Corner and the Eyecarecenter.
“North Carolina is an important market for us,” says Ram Chairman Peter D. Cummings. “We admire the emphasis on quality education and the balancing of environmental preservation and economic development. We are committed to finding additional opportunities like 140 West Franklin.”