Year in review: Downtown sees development

Construction continues at the 140 West Franklin development, the latest of two major projects the downtown area has seen in the past year.

Construction crews have about a week of rock blasting left, said Kendria Sweet spokeswoman for Ram Development Company, which is constructing the $55 million development at the corner of West Franklin and Church streets.

Sweet said construction, headed by contractor John Moriarty and Associates Inc., is on schedule, and Ram Development is pleased with its progress.

The complex’s first phase of construction — rock blasting — began March 8 and is necessary to make a deep hole for an underground parking lot.

Emphasizing resident safety, the town closed the section of Church Street bordering the work site as well as a westbound lane of West Franklin Street.

The Church Street sidewalk, however, has remained open.

“Pedestrians will have access to Church Street during all six phases (of construction),” town engineer Jay Gibson said in an interview.

Development and town officials celebrated the start of the project at a Jan. 5 ground-breaking ceremony.

The project, a joint venture with the town, consists of upscale apartments, retail space and parking with the intent of spurring the revival of downtown Chapel Hill.

Meanwhile, another Chapel Hill development is struggling as its bank initiates foreclosure proceedings.

Partners of Greenbridge Developments, a 10-story building comprising retail and living space in the Northside neighborhood, are the defendants in litigation that names an outside party to oversee all operations of the property

Bank of America has filed an order to appoint a temporary receiver — Chip Shelton with Charlotte-based Liberty Solutions — to oversee all operations of the $54 million property, like collecting rents, paying expenses and maintaining the grounds.

The order, filed April 8, states that the partners still owe the bank more than $29 million of a $43.3 million loan.

It says the development is in default after it failed to pay the loan’s interest payments for December, January, February and March.

Greenbridge partners, Bank of America and the bank’s lawyer, the Raleigh firm Troutman Sanders, have all refused to comment.

Greenbridge opened in the fall amidst bomb threats and protests because of its controversial location in a historically black, low-income neighborhood.

Twelve companies have filed claims they are owed money based on their work with Greenbridge. The claims total nearly $8 million.

Contact the City Editor at city@dailytarheel.com.