The parking lot, designated as No. 5 by the town, is located across from University Square on West Franklin Street. This area is a part of the town's Downtown Small Area Plan, which was adopted in March 2000 to encourage residential and office development downtown.
Sophomores Florian Moeller and Tiffany Kiernan and junior Alice Teich presented to the council ideas for an open air market to be created in the No. 5 parking lot.
All three students are members of UNC's Student Environmental Action Coalition, which is working with the Orange-Chatham Sierra Club to turn the parking lot into an open space.
"We feel that it is (the council's) responsibility to get the ball rolling and increase the quality of life in Chapel Hill," Moeller said.
The students presented their ideas for a town plaza that would include an open-air market to house restaurants, cafes and a large space for the performing arts.
Robert Porter, chairman of the Sierra Club, said he supports making the No. 5 parking lot a vibrant public space.
"We believe it should be a pedestrian magnet and that people will want to go there because of art studios, concerts and performances," Porter said.
Teich said the plaza would be similar to Carrboro's Weaver Street plaza, which she cited as an example of a place where people come together to be a community.
"Unlike Carrboro, Chapel Hill's population is very student-oriented, yet there's no interaction between students and the community," Teich said.