Downtown condo complex progresses
Published: Fri, Jun. 29, 2007 12:30AM
Modified Fri, Jun. 29, 2007 04:21AM
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closeCHAPEL HILL -- The Town Council has approved development applications for a nine-story condominium complex at West Franklin and Church streets.
The Downtown Economic Development Initiative, a collaboration between the town and Ram Development Co., will bring about 140 condos to downtown, at least 15 of them priced about $100,000 or less for moderate-income buyers.
Ram had offered to subsidize 21 one-bedroom units, but the council asked the company to offer fewer units with more bedrooms. Fifteen to 18 units will have one, two or three bedrooms.
More Orange County
For about $7.25 million, plus the value of the 2-acre site that now houses a municipal parking lot, the town will receive about 160 underground parking spaces to rent to the public.
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