University Square and Granville Towers were purchased by Chapel Hill Foundation Real Estate Holdings, a not-for-profit corporation founded by the UNC Chapel Hill Foundation to assist with University real estate projects. The goal of the project is to support both UNC Chapel Hill and the Town of Chapel Hill through redevelopment of 123 West Franklin Street into a vibrant 12-acre mixed-use project to enhance the quality of life for the University, the Town and region. This project will redevelop the site in two phases. The existing retail and office space will be replaced with a mix of new offices, retail, multi-family for-rent units, townhomes and parking. The second phase will include new offices, retail, a major central cultural space and parking. The plan faces key buildings on West Franklin Street to enliven the street with shopping. The project also proposes a significant new public open space in the center of the development to attract residents, office workers and visitors. ColeJenest & Stone provided extensive land planning, Special Use Permit approvals, and civil engineering.