Developers to renovate instead of rebuild
Published: Fri, Apr. 20, 2007 12:00AM
Modified Fri, Apr. 20, 2007 03:04AM
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closeCHAPEL HILL -- The condo boom may have slowed just a bit.
Developers Joe Patterson and David Morris had planned to tear down 50 apartments at Northampton Terrace off Martin Luther King Jr. Boulevard and replace them with two five-story buildings totaling 180 condominiums. They had planned also to donate 24 existing apartments to the town of Chapel Hill for affordable housing.
Now, they've decided to simply renovate all 74 one-bedroom apartments at Northampton Terrace and sell them as condominiums in a project called Central Park.
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Patterson said he and Morris wanted to put their units on the market ahead of Ram Development Co., which is seeking town approval to build about 330 condos on the current site of the Town House Apartments near downtown.
"There's a lot of competition with the new stuff coming up," Patterson said.
Central Park will be unique in that it will offer tiny condos -- 540 square feet -- at a price of just over $100,000 within walking distance of UNC-Chapel Hill.
"It's a seven-minute walk to Silent Sam," Patterson said, referring to the soldier's statue on the McCorkle Place quad.
Staff writer Jesse James deConto can be reached at 932-8760 or jdeconto@newsobserver.com.
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