FROM THE HILL
‘We want to
explore all
options for using
the property
to meet the
University’s
needs, while
also benefiting
downtown
Chapel Hill.’
James Moeser
UNC Buying Franklin Site of University Square, Granville
The University is about to own
another piece of Franklin Street —
a big one. Through the UNC at
Chapel Hill Foundation Inc., it will acquire
the 12-acre site that contains University
Square and Granville Towers.
The move gives UNC substantial
money-making potential in terms of retail
and presumably residential properties and,
Chancellor James Moeser said, a built-in
solution to the challenge of parking cars in
the northwest part of the campus, which
includes performing and fine arts venues.
Though University officials say future
plans for the site have not been decided,
Moeser acknowledged that multilevel parking was in its future. The site currently has
several acres of surface parking along with
the University Square shops fronting
Franklin and the three nine-floor Granville
towers in the background.
Asked about specifics on planned uses,
Moeser said, “We have some thoughts, but
they are very preliminary thoughts.”
Moeser said UNC would honor current
leases, some with several years to run, and
for the foreseeable future would continue
to operate Granville as a private residence
for some 1,300 students. The University
and UNC Health Care already lease about
80 percent of the office space in the five- University Square continued on page 4
DAN SEARS ’ 74
and six-floor University Square buildings.
The foundation, which collects private
donations and manages the University’s
endowment, will create a subsidiary real
estate corporation that will own the property. The foundation is private, which will
keep the land on the tax rolls and enable
UNC to work with the town and private
developers in ways that it could not if the
property were a state-owned entity. The
private status also likely precludes putting
The commercial and
office space in
University Square
now is set back from
Franklin Street by
parking spaces.
Retail shops eventually could be moved
closer to the street.
Honors Program to Grow With $6 Million Kenan Gift
The number of students in UNC’s University while adding faculty to high- state matching grants totals $18.5 million in
undergraduate honors program will priority areas in the College of Arts and endowed support for the honors program.
nearly double with a $6 million Sciences. Chancellor Holden Thorp ’ 86, “We are grateful to the Kenan Trust for
donation from the William R. Kenan Jr. who has been both a student and a profes- helping extend the reach and scope of an
Charitable Trust. A 50 percent state match sor in the program, had made broadening it honors program that has long been regarded
makes the total gift worth $9 million. a priority as dean of the college. as one of the best and most accessible of its
The program will be able to add faculty The program has received other signifi- kind in the country,” Moeser told the UNC
to teach honors courses — a minimum of cant private support recently. In September trustees at their meeting in May.
six assistant or associate professors who will 2007, an anonymous donor gave $5 million About $4 million more is needed to
become William R. Kenan Jr. Fellows or to fund five new professorships, and state double the program, and Moeser said he
William R. Kenan Jr. Scholars, respectively. matching funds made it a $7.5 million planned to make this fundraising goal a top
The money helps move the University endowment. In December 2007, the More- priority in his last four weeks as chancellor.
toward a long-sought goal, and it’s a coup head-Cain Foundation endowed a profes- The expansion of the program is important
for the outgoing and the incoming chan- sorship in art history for $2 million; with in drawing high-achieving students to the
cellors. In 2002, Chancellor James Moeser the state matching funds, that will create University.
proposed doubling the program to increase four honors courses in art history. The com-
the number of high-ability students at the bination of these recent private gifts and
