The Tar Heel Thursday, June 4, 19875
Developer desires complex for stores, office space
By GARY KAYYE
Staff Writer
Downtown Chapel Hill will
have 10 to 12 more retail stores
by next February if local developer
Guilford Waddell III has his way.
Waddell plans to turn the
former Southern Bell building,
which he bought last November
for $2 million, into "Westcourt
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complex" a development that
will include over 30,000 square feet
of retail and office space.
"Five years from now, this could
be a landmark project for us,"
Waddell said in a recent telephone
interview. He added the project
will cost upwards around $6.8
million to complete.
According to Waddell, each
retail store will have approxi
mately 2,000 square feet. The rest
of the available space in the
building will be used for the
restaurant and offices.
The only barrier standing in
Waddell's way is permission of the
town of Chapel Hill.
"It's a long process," Waddell
said, referring to the vote by the
Town Council which won't
happen until September. "We
hope to proceed with construction
shortly thereafter."
He said the project may take
around a year and a half to
complete, but once construction
has begun the retail space could
be ready for occupancy within 6
months.
There have been two forums
held at the building so that
Waddell Investment Group Inc.
can solicit comments from the
public. The building is located on
West Franklin Street between the
Pizza Inn and the town municipal
parking lot. Public forums will
also be held on June 8 and 18 at
,7:30 p.m.
Waddell told The Daily Tar
Heel earlier this year that the
developers had met every single
development ordinance and build
ing ordinance.
"I feel very comfortable that this
will be passed," he said. "But I
never say never in this town."
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