Big Changes Planned for University Place

Posted on Feb. 22, 2019

Its new owners are planning major renovations and development at University Place mall, a longtime commercial hub for Chapel Hill.

Ram Realty Advisors — which bought the 40-acre property from Madison Marquette at the end of 2018 for $51.6 million — envisions adding an office building, a hotel and green spaces where kids can play in a “walkable town center” design with more outward-facing shop entrances.

With Bolin Creek right across South Estes Drive Another, another goal is to reduce the amount of impervious surface subject to flooding but not reduce parking capacity — a significant issue for merchants in Chapel Hill. “We think there’s a way to be thoughtful about parking,” said Ashley Saulpaugh, Ram’s director of investments. “For example, a hotel and offices share parking extremely well, as offices are almost exclusively daytime use and a hotel is primarily a nighttime use.

“And if the mall is redeveloped to where there’s no longer just one large mall structure with three or four main entrances and instead there are clusters of buildings throughout the site, each of which has its own entrance, it allows the parking to be more evenly spread throughout the site and eliminates the pain points surrounding those three or four entrances.”

All plans are subject to approval by the town, but Ram hopes to get started this summer on the facelift on the outside of the mall, including painting some of the brick surface and adding more windows and doors for stores to face outside as well as inside.

The substantial phases of the renovation likely would begin in a year or so. About 30,000 of the mall’s almost 375,000 square feet probably will be torn down — “We’re not sure which portion,” Saulpaugh said — but Ram doesn’t anticipate displacing current tenants because there are empty spaces available for relocation.

“We’re meeting with tenants to understand what their long-term plans are,” Saulpaugh said. “There are a good number of local properties. We want to have these unique, local specialty retailers and bring people to the property from a larger radius.”

What Ram doesn’t want is to bring in big national chains and try to compete with The Streets at Southpoint mall nearby in Durham, Saulpaugh said.“We want to combine thoughtful uses that will drive traffic to the property and make the tenants and future tenants more successful.”

Most plans are still on the drawing board, including where on the site the offices and hotel will go. But Ram does anticipate expanding the Kidzu Children’s Museum.

The property, formerly known as University Mall, first opened in 1973. It was renamed University Place in 2015.

201 S. Estes Drive, universityplacenc.com

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Elliott Square Getting an Update

Meanwhile, another east Chapel Hill shopping center owned by Ram Realty Advisors, Elliott Square, also is getting a bit of a makeover.

“It’s undergoing some cosmetic renovations to the exterior, landscaping and parking lot upgrades,” Saulpaugh said. Among the spiffing, workers are adding a wood product to the exterior that Saulpaugh said will give the center a more contemporary look.Ram also is making sure the property is compliant with the Americans With Disabilties Act.

The center is adding tenants to join such popular spots as Great Harvest Bread Co. and Red Lotus Asian Kitchen & Bar. Haw River Grill opened in January, offering sandwiches, burgers, salads and “shareables” such as black-eyed pea hummus and flash-fried Brussels sprouts. Trek Bikes should be open by early summer, Saulpaugh said, and Noire Nail Bar salon is scheduled to open by spring.

243 S. Elliott Road

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About That Ram

By the way, the “Ram” in Ram Realty Advisors does not refer to the Tar Heels’ Rameses mascot, as appropriate as that might be around here. It stands for Retail And Multifamily, the types of developments on which the Florida-based company focuses. However, the head of its North Carolina office, David Klepser ’05 (MBA), attended UNC’s Kenan-Flagler Business School.

            — Laura Toler ’76

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