The region, to be bound by Franklin and South Columbia streets, Cameron Avenue and McCorkle Place, will include a 282-capacity underground parking deck and improved facilities for the departments of Arts, Music and Communications.
Project coordinators pitched a preliminary plan to the board, providing only information at this point. Subsequent meetings will determine an official approval of a long-term master plan for the project.
The project's representatives aim to create an improved environment for the arts to benefit both students and event attendees.
In addition, they hope to focus on the area's outdoor aesthetics.
"(It's) the last piece of historic campus that's not developed," said project manager Peter Mullan.
"(It will be) a bridge between the sylvan arcadia of McCorkle to the urban character of downtown Chapel Hill," he said, referring to the landscape development intended for the open space above the underground parking garage.
Proposed structural development and renovations will affect several buildings, including Smith Hall for the music department, the original Carnegie Library of Hill Hall, the Hanes Art Center and the front of Swain Hall.
And building additions are in store for the Ackland Art Museum and Hill Hall to accommodate an art and music library. New buildings also will be added.
Gerrard Hall and Playmakers Theatre also are under consideration for renovation, extending the project outside the bounds of Arts Common area.