Can you see this on Franklin Street?

After no response from Economic Development Officer Dwight Bassett to my invitation for response to comments made by the Ryans, owners of Sugarland; I decided to delve into what Mr. Bassett may be spending his time doing instead of defending his post. Interestingly enough, Mr. Bassett is busy, along with the Town Council planning a $75 million development project for Parking Lot 5 in downtown Chapel Hill.

The development project involves the construction of a three-section complex with condos, retail space, office space and parking. The complex will be eight stories high at its highest points. The development boasts that it will have 345 parking spaces and 137 condo units.

For those of us not familiar with the public lot numbers, public parking lot 5 is that lot that sits at the corner of Franklin St. and Church Street, across from the Aveda Institute and Los Patrillos. (Off-campus pedestrians, say farewell to your handy short-cut to campus across lot 5!)

The Town Council believes that sales tax and property tax revenues will estimate at $1.6 million in the project’s fifth year. This complex is part of an economic development initiative for downtown Chapel Hill that has been underway since 2003.

The overall goals of the initiative are to stimulate the town center, decrease reliance on the automobile, and increase the tax base.

The project has entered into the review phase required by the Town including reviews by various departments of commission. The Town Council hopes that a building permit will be issued in early 2008.

Many residents have expressed concern about the development project and its impact on the aesthetics of Franklin Street and the parking situation. Currently, Lot 5 is utilized frequently by visitors, tourists, and shoppers; where will these people park when construction begins? Will an eight story building detract from the historical appeal of Franklin Street? What are your thoughts?