Tarheel Lodging — Sale in Chapel Hill, NC

  • Price: $200K
  • Listing type: For sale
  • Asset type: Commercial Land
  • Location: Chapel Hill, NC 27514

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Description

Jones Lang LaSalle, a North Carolina licensed real estate broker, has been retained as the exclusive sales representative for Tarheel Lodging, an approved 4.50± acre multifamily development opportunity in Chapel Hill. The property provides a developer with an almost immediate ability to break ground due to in-place zoning, and form district permit approval allowing for multifamily development for up to 283 residential units. Additionally, ownership has completed demolition of the former Quality Inn, performed necessary storm-water upgrades, and recently paid $200,000+ to maintain an active approvals status for the site. With entitlement timelines for newly proposed multifamily development typically extending 4 - 6 years in Chapel Hill, this site presents a stark contrast by allowing a developer to put a shovel in the ground within approximately 6-9 months. Strategically positioned in the Blue Hill District of Chapel Hill along US 15/501, Tarheel Lodging offers exceptional accessibility to both Chapel Hill and Durham. The property sits directly across from Chapel Hill’s most concentrated retail node, with desirable grocery brands Trader Joe’s, Whole Foods, and Wegmans all within a 2-mile radius. Over 100 additional retail and dining establishments provide future residents with an amenity rich corridor offering extensive lifestyle options. The site delivers excellent connectivity, located just 8 minutes from downtown Chapel Hill and the University of North Carolina. UNC is home to over 32,000 undergraduate and graduate students and consistently ranks as one of the top public education institutions in the United States. The site presents a developer with the opportunity to build a Class A multifamily project in one of the highest barrier-to-entry submarkets in the explosive Triangle Region.

Market Context

This land in Chapel Hill, NC is listed for sale at $200,000. Compare it against other land listings for sale in Chapel Hill, NC — view the full market.

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