From today's DTH....more on the purchase:
"FRIDAY - 1:18 p.m. - Chancellor James Moeser stood beside Chapel Hill Mayor Kevin Foy and Chairman of the UNC Board of Trustees Roger Perry as the University announced today that it will be acquiring University Square and Granville Towers in downtown Chapel Hill.
The purchase, which has been under consideration for about a year and a half, will cost the UNC-Chapel Hill Foundation, which manages the University's endowment and other non-public funds, $45.75 million.
"This marks a milestone in the collaborative efforts between the town and the University," Foy said at the announcement.
He went on to stress that the purchase would not mean any diminishing of tax revenue currently paid on the property. While the University's purchases are tax-exempt, those of the Foundation are not. In 2007, total taxes exceeded $868,279.
UNC currently is leasing about 80 percent of the office complex portions of the University Square shopping center.
Perry, who also serves as the chairman of the board of directors for the Foundation, emphasized plans to redevelop and revitalize the commercial sector of the property.
He said the purchase is consistent with two of the Trustees' strategic priorities: their plan for growth and increased competition in the global economy, and the expansion of a vibrant and healthy downtown sector.
The three leaders cited few specific plans, but pledged to maintain the commercial north side of the shopping center. Moeser also indicated a vision to construct a multi-level parking deck between the Towers and the Square.
Granville Towers, which consists of two freestanding nine-story and one eight-story building, can accomodate more than 1,300 students.
Moeser acknowledged that the acquisition was in part due to the University's plans to grow enrollment.
"As I think now 10 years and 20 years into the future," Moeser said, "I see something that is much greater than what we have here today."