{"id":1004053557,"date":"2012-03-09T16:32:28","date_gmt":"2012-03-10T00:32:28","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=38674"},"modified":"2022-12-09T01:33:57","modified_gmt":"2022-12-09T09:33:57","slug":"chapel-hill-approves-new-downtown-apartment-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chapel-hill-approves-new-downtown-apartment-complex\/","title":{"rendered":"Chapel Hill Approves New Downtown Apartment Complex"},"content":{"rendered":"

\"\"<\/a>by Adriana Pop, Associate Editor<\/p>\n

The Town Council in Chapel Hill unanimously approved the construction of Shortbread Lofts, an 85-unit apartment complex on West Rosemary Street.<\/p>\n

The development takes advantage of the strength of the Chapel Hill apartment market, which is experiencing low vacancy rates. The project\u2019s target renters are both students and university employees.<\/p>\n

The seven-story downtown building will replace an existing 22-unit apartment complex and an office building, The NewsObserver<\/em> reports.\u00a0It will include a retail area as well as 121 parking spaces. Construction is expected to break ground in late May or early June, with completion planned before the beginning of the 2013-14 school year.<\/p>\n

Larry Short partnered with brothers Bill and Roy Piscitello, owners of Breadmen’s restaurant, in the development of the project. Short has also developed a 54-unit apartment building across the street from the Shortbread Lofts site.\u00a0The building\u00a0has remained near full occupancy since its 1999 opening.<\/p>\n

In regional news, Grubb Properties recently bought the Edinburgh Center corporate park in Cary for $7 million. The 115,027-square-feet center includes four office buildings built between 1984 and 1991. Grubb Properties purchased the buildings from an Asheville investment group led by Charles Archerd.<\/p>\n

Sam Crutchfield of Grubb Properties says each building will be upgraded in order to attract more tenants. According to the Triangle Business Journal<\/em>, the property was 69 percent occupied in December, much lower than the area\u2019s 79 percent average occupancy rate.<\/p>\n

Rockwell Automation and Erie Insurance are among the center\u2019s largest tenants. The rest of the space is leased to a number of service organizations.<\/p>\n

The Triangle Business Journal <\/em>reports that Grubb Properties secured its purchase with a $5 million loan from Symetra Life Insurance Co. The real estate broker who represented the seller in the transaction was Jim McMillan with Grubb & Ellis\/Thomas Linderman Graham.<\/p>\n

Photo Courtesy of<\/em> Caroline Culler<\/em> via Wikimedia Commons<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

by Adriana Pop, Associate Editor
\nThe Town Council in Chapel Hill unanimously approved the construction of Shortbread Lofts, an 85-unit apartment complex on West Rosemary Street.
\nThe development takes advantage of the strength of the Chapel Hill apartment market, which is experiencing […]<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004053557","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"\nChapel Hill Approves New Downtown Apartment Complex - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chapel-hill-approves-new-downtown-apartment-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chapel Hill Approves New Downtown Apartment Complex\" \/>\n<meta property=\"og:description\" content=\"by Adriana Pop, Associate Editor The Town Council in Chapel Hill unanimously approved the construction of Shortbread Lofts, an 85-unit apartment complex on West Rosemary Street. 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