News
140 West Franklin Sales Heat Up as Cranes Come In
Ram Realty Services is delighted to announce that 140 West Franklin Residences have sold 73 homes with five contracts written in the last month. The installation of two cranes in July have changed the Chapel Hill skyline and triggered intense interest from buyers. Several new homeowners have combined two neighboring units into a larger floor plan designed for their own ideal living requirements.
“As I travel throughout the United States, particularly the Southeast, where Ram’s business is focused, construction cranes are a rare sight these days. We are pleased that 140 West Franklin is one of those rare places and we attribute this to the allure of Chapel Hill and our unique location within the Town,” said Peter D. Cummings, the Chairman of Ram.
As the excavation at 140 West Franklin concludes, the two cranes, one 160’ and the other 200’ tall have been installed on site. In the construction sequence, the next steps are the building of the foundation and the subterranean parking levels. In the fall, the building will begin to rise above the construction fencing. Early next year, the structures will be topped off as the interior customization process ends. John Moriarty & Associates, Inc., the General Contractor, expects the project to conclude fourth quarter 2012.
140 West Franklin, the approximately $55 million project sponsored by Ram with financing from Wells Fargo, is being built as the focal point of the Town of Chapel Hill’s Downtown Economic Development Initiative. The buildings will stand four stories tall along the street before stepping back to eight stories tall at the center. There are 140 signature homes above the retail level with open floor plans. The Town of Chapel Hill has created a dedicated web page for 140 West information at http://www.townofchapelhill.org/140west.
