The Town Council approved a retail and office project Monday for 3.7 acres on Weaver Dairy Road in northern Chapel Hill.
Weaver Crossing features 40,706 square feet in two buildings, at up to 50 feet tall. It is expected to include a Walgreens store with a drive-through pharmacy window, 132 parking spaces and other businesses.
Walgreens, based in New Orleans, owns the site at 1165 Weaver Dairy Road, on the southeastern corner of the Martin Luther King Jr. Boulevard intersection. The council also rezoned the lots comprising Weaver Crossing to community commercial, which allows for taller and more dense development.
The approved plan allows a right-in only driveway on MLK Boulevard and additional right-in, right-out access from Weaver Dairy Road and the Sparrow Street intersection with MLK Boulevard. Lee Perry, with developer East West Partners, said the project will meet high energy-efficiency standards. The plan also includes a $16,800 payment for a bus stop, shelter and other amenities.
The tax value of the four lots comprising Weaver Crossing is $1.5 million. The expected $7.2 million development could generate $91,428 in property tax revenues for Chapel Hill, Orange County and the Chapel Hill-Carrboro City Schools.