At their meeting on May 6, City Council endorsed the UNC-Chapel Hill School of Government's Development Finance Initiative (DFI) redevelopment plan for the Water Street Parking Deck. DFI will now create a proposal that potential developers of the site will be able to respond to if they are interested in developing the site.
The recommendations include:
- A mixed use project that would consist of parking, residential units, and retail shops
- Re-opening Chestnut Street between Front Street and Water Street
- Approximately 325 public parking spaces, in addition to any needed by the development
- Connecting the site to Bijou Park
- Adhering to existing city height restrictions, with some flexibility available to reward high-quality development
Watch the presentation from the May 6 Council meeting
Council will review the proposal, which is expected to be finalized by the end of June, before it is sent to potential developers. The city expects to receive responses from potential developers by December, which will also be reviewed by Council. Council will then select a developer and approve a design of the site, but there will be a public hearing before any final agreement is reached.