A Boston-based developer has backed out of plans for a 120-foot Chapel Hill wet lab and office building, clearing the way for a new project that could give more people the opportunity to live downtown.
Real-estate developer Redgate, also based in Boston, submitted new plans June 11 for a 95-foot building at 306 W. Franklin St., town documents show. The plans call for a mixed-use building on roughly 2 acres with 225 apartments and ground-floor shops.
If approved, it would replace a 1-1/2-story, brick building constructed in 1948 and a freestanding Fifth Third Bank branch next door…