By Grubb Properties Development Team
Grubb Properties, working closely with the city of Chapel Hill and the University of North Carolina at Chapel Hill, has been a key partner in launching an innovation district designed to attract new businesses and keep Chapel Hill tech entrepreneurs from relocating their businesses to other locations.
The developments will revitalize downtown Chapel Hill by providing improved and attractive office space and enhancing the infrastructure to support further development. Over the next few years, the district will include a visitor center, a new parking garage, a hotel, and a conference center.
Our redevelopments at 136 East Rosemary and the adjoining 137 East Franklin form the initiative's first phase. Both are scheduled to open in mid-2023. Renovations include new facades, windows, roofs, LED lighting, and HVAC systems. They will be equipped for wet-lab space, and will be LEED certified.
UNC-Chapel Hill is one of the premier research universities in the nation, conferring more than 3,500 STEM degrees a year and receiving more than $1 billion in research grants in 2020 and 2021. Currently, many of the businesses launched in Chapel Hill end up relocating to the Raleigh-Durham region or elsewhere. Grubb renovated these buildings to encourage life science and other technology companies to remain in Chapel Hill.
The buildings have already secured three anchor tenants: Innovate Carolina, UNC Chapel Hill’s innovation and entrepreneurship innovation hub; Launch Chapel Hill, a business and technology accelerator created by Chapel Hill, UNC, and Orange County; and BioLabs, a coworking space for life science startups.
The properties are located in an Opportunity Zone and are owned by the Link Apartments℠ Opportunity Zone REIT.
Grubb Properties is also working to provide essential housing for these technology workers. Construction has begun on Link Apartments℠ Calyx, which will be joining Link Apartments℠ Linden in the historic Glen Lennox neighborhood of Chapel Hill.
Link Apartments℠ Calyx is a new seven-story, 304-unit community located at the intersection of Lanark and Maxwell. The modern building design will feature a saltwater pool, co-working space, a 24/7 fitness and yoga center, a parking garage, and a rooftop resident lounge. Unit configurations will consist of a majority of studio and one-bedrooms in addition to two-bedroom units.
Like Link Apartments℠ Linden, the “Calyx” name comes from one of the designs of pioneering mid-century designer Lucienne Day, a nod to the mid-century roots of Glen Lennox.
The community is scheduled to deliver its first units in the fourth quarter of 2023.
Learn more about opportunity zone investing and the Link Apartments Opportunity Zone REIT.