Chapel Hill’s $500M South Creek hits major milestone. See what’s coming
AI-generated summary reviewed by our newsroom.
- Beechwood began pre-leasing 92 apartments at 95 Market St.
- South Creek will deliver 815 homes: 606 condos, 100 townhomes, and 92 apartments.
- About 100 units will be priced below market, including 15% of condos/townhomes.
Chapel Hill’s long-awaited South Creek development has reached a major milestone, with the first wave of apartments now officially leasing across U.S. 15-501 from Southern Village.
The Beechwood Organization, the New York developer behind the project, has begun pre-leasing 92 apartments at 95 Market St., offering studio to two bedroom units from 624 to 1,226 square feet.
Rents start in the high $1,600s for studios, around $1,700 to $2,100 for one bedrooms, and roughly $2,800 to $2,900 for two bedrooms.
The units are part of the first phase of a $500 million, 43-acre project that will unfold over several years.
“South Creek is starting to take shape,” said Steven Dubb, Beechwood’s principal and president, in a release announcing the launch.
“We’re creating a distinct blend of amenities and a living environment unlike any this area has seen before.”
Another perk: The developer is offering four months of free rent on 12‑month leases as part of its pre‑leasing push.
South Creek is transforming a site that sat undeveloped for more than a decade. It replaces the long-stalled Obey Creek project, which secured a development agreement with the town in 2015 but never broke ground after East West Partners failed to land the retail and office tenants needed to move forward.
The land was sold in 2021 for $7.25 million, clearing the way for Beechwood’s reimagined plan.
It will ultimately deliver 815 homes, including 606 condos, 100 townhomes, and 92 apartments, alongside a new retail district, public nature preserve, and creekside trails.
Pre-sales have already launched for 68 condos, with prices starting at $325,000 and floor plans spanning from studios to three-bedroom homes as large as 2,234 square feet. Prospective buyers can visit an on-site sales gallery to explore floor plans.
The market-rate townhomes and condos could cost up to over $1 million, The N&O previously reported.
About 100 housing units — 15% of the condos and townhouses and 10% of the apartments — will be priced at below market rates.
The business district will feature 21,000 to 52,000 square feet of commercial and retail space. That includes a public lawn, plaza for outdoor dining, and a 6,000-square-foot restaurant with a terrace overlooking Wilson Creek and the park.
The firm said the retail mix would complement businesses in Southern Village, which include Weaver Street Market, coffee shops, and restaurants, retail and entertainment.
An 80-acre public nature preserve and trails, as well as Wilson Creek, will also be open for residents and the public. More green spaces will be near the Sumac Road intersection, where co-working and pop-up business space is possible.
