Chapel Hill officials are planning an initiative to revamp Rosemary Street into an enterprise hub in order to keep budding entrepreneurs from the University of North Carolina from leaving town.

The Daily Tar Heel reports that town leaders will collaborate with the Chapel Hill Downtown Partnership and begin a planning initiative in the next four to six weeks.

Downtown Partnership Executive Director Meg McGurk told the DTH that revitalizing Rosemary Street, which runs parallel to Franklin Street, will strengthen the businesses and infrastructure already in Chapel Hill.

“It’s not just about change and new, but also about looking to strengthen what we have,” she said. “I think Rosemary Street is on the cusp of having its own identity, separate from Franklin Street.”

Revitalization and redevelopment of Rosemary Street was proposed in the town’s Chapel Hill 2020 comprehensive planning initiative.

Rosemary Street has already welcomed LAUNCH Chapel Hill, a startup hub that provides space, services and mentoring for entrepreneurs. LAUNCH backers of include the Town of Chapel Hill, Orange County, UNC and the Downtown Partnership.