Chapel Hill Council approves new multifamily project for UNC students

425 Hillsborough

Chapel Hill town council has approved a development plan to tear down the 1960s-era Townhouse Apartments community near downtown to make way for a new multifamily project for UNC students.

The new Residences at Grove Park community at 425 Hillsborough St. near the intersection with Martin Luther King Jr. Pkwy. will include 346 apartment units and residents, according to site plans filed with the town. The project is set to be completed in 2018.

The site owners have agreed to lease to the town upon completion at least six of the apartment units at a rate of $1 per month per unit for the next 20 years, Triangle Business Journal reports. The town plans to use the units toward its goal of creating more affordable housing options for staff and residents.

This project will be the third high-end student housing complex proposed for Chapel Hill in the past two years.

The 111-unit Townhouse Apartments complex was built in 1962 and has been owned by Segar family since 1971.