The Chapel Hill Town Council is still considering the future for 36.2 acres of land near Ephesus Park in Chapel Hill.
Woodfield Investments, a development company based out of Florida, is interested in the land and submitted a concept plan for a possible development to the town council. The concept plan was discussed at a town council public hearing on Sept. 19.
The property, which is currently owned by the American Legion, has been offered to the town to potentially purchase, but Scott Underwood, Woodfield Investments' representative for the Raleigh-Durham area, said the land is currently under contract with the firm.
Woodfield Investments intends to purchase the land and develop apartment units and retail space.
Chapel Hill Mayor Pam Hemminger said the town does not have priority in the purchase of the property.
The land was previously offered to Chapel Hill in November 2015, but the town passed on the proposal and gave up their right of first refusal. American Legion offered it to the town again at the public hearing.
Chapel Hill Town Council member Maria T. Palmer said they have been given a 30-day window to decide whether or not they are going to purchase the land now.
American Legion has set the property’s price at $9 million. The council has not yet reached a decision and has not shown signs of leaning toward either of the two options.
Hemminger said it will take anywhere from 12 to 18 months to rezone the land from the date an application is processed — if they choose to make the purchase.