The mall originally opened with Ivey's and Belk (Belk-Leggett Horton) in 1973, and Roses Stores as a junior anchor.

[4] In 2010, the Chapel Hill Public Library initially planned a permanent move into the mall by taking over Dillard's space.

Four others soon followed, as William Travis Jewelry, Fine Feathers, and Peacock Alley moved into the former Kerr Drug space.

Southern Season closed its store at University Place in January 2020 and shifted its operations to an online business model.

[15] In June 2021, the Chapel Hill Town Council approved a special use permit for a major redevelopment of University Place.