Last $183.92 USD
Change Today -0.67 / -0.36%
Volume 333.3K
WYNN On Other Exchanges
WYNN is not on other exchanges.
As of 12:09 PM 10/22/14 All times are local (Market data is delayed by at least 15 minutes).
text size: T | T
McClatchy-Tribune  09/03/2014 6:21 PM ET
Mixed-use project to test Chapel Hill redevelopment rules [The Chapel Hill News (Chapel Hill, N.C.) :: ]

Sept. 03--CHAPEL HILL -- The first project proposed for the town's Ephesus Fordham redevelopment district is a 90-foot-tall building with 266 apartments, 15,600 square feet of retail space and an attached parking deck.

Developer East West Partners wants to build its "Village Plaza Apartments" on the long-vacant Plaza Theater site at 211 S. Elliott Road. The 305,000-square-foot building would offer one- and two-bedroom apartments priced at market rates. For details, see

Developer Lee Perry said the name of the project -- a joint venture with Trammell Crow Residential, a Texas-based multifamily real estate company -- soon will change.

The project is the first that could be approved by the town manager, instead of the Town Council, under the new form-based code zoning that streamlines the development process by specifying how buildings should look and fit their surroundings.

At 95 percent residential, the project is expected to set the pace for other property owners in the 180-acre district who might redevelop their strip malls and parking lots. The town's goal for the district is to fund needed traffic and stormwater improvements, while increasing the commercial tax base.

East West Partners is not proposing any affordable housing for residents making 80 percent or less of the area's median income (AMI). The U.S. Department of Housing and Urban Development defines 80 percent of AMI in Chapel Hill as a two-person household earning $42,050 a year.

The project's ground-floor restaurant and commercial space, lined with trees, tables and chairs, would face Elliott Road and Whole Foods. It would be slightly larger, for comparison, than the 13,000-square-foot Trader Joe's at Shops at Eastgate.

The developer also plans more than 35,000 square feet of indoor and outdoor space, including a private pool and bocce court. Project documents state neighbors Whole Foods and Village Plaza could share 463 ground-level and parking deck spaces. There also will be 78 bike spots.

East West Partners agreed earlier this summer to pay for the construction of a new street connecting Elliott Road -- at the former Red, Hot & Blue restaurant -- with its parking deck and another road between Booker Creek and the Village Plaza shops. The creekside road would end across from the Burger King on Elliott Road.

Other pedestrian options include new bike lanes, eight-foot sidewalks and relocated greenway links, which count as half of the developer's required payment to the town for recreation space.

McAdams Co. construction consultants estimate developing the largely paved lot will only add 1,260 square feet of impervious surface, responsible for stormwater runoff. The developer plans a wetlands retention area and an underground sand filter to hold and slowly filter pollutants from the water.

The Town Council approved new zoning and development approval rules for the district in May. The rules authorize the town manager to approve development projects that meet the district's new form-based code, a checklist of building heights, placement, landscaping and other details.

Although the council could review the first few projects submitted under the form-based code, Town Manager Roger Stancil must approve projects that meet the qualifications within 45 days of ensuring the application is complete. The town's Community Design Commission will review projects -- on an advisory basis -- for design elements, colors and other ways new buildings fit into their environment.

The project needs a form-based code permit and certificate of appropriateness to move ahead.

The commission's meeting are open to the public. Village Plaza Apartments is scheduled for the commission's Sept. 23 meeting.

Grubb: 919-932-8746


Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup
Recently Viewed
WYNN:US $183.92 USD -0.67

Industry News

Frisch's Reports First Quarter Fiscal 2015 Results

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact WYNN RESORTS LTD, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at