Built in the 1920s, the Lambda Chi Alpha Fraternity house is located on East Franklin Street adjacent to the UNC campus. In the fall of 2001, the main house and back annex were closed due to inadequate fire emergency alarms and sprinkler systems. After the Phi Gamma Delta Fraternity house fire in the spring of 1997, the Town of Chapel Hill mandated all Fraternity and Sorority houses be equipped with these emergency devices by September 1, 2001. After an extensive study, the Gamma Nu Foundation, Inc. decided it would be best to close the chapter house for a complete renovation.

In the summer of 2002, the officers of the Gamma Nu Foundation, Inc. secured a loan with RBC Centura to enable the renovation process to begin. In September of 2002, Van Thomas Construction began the renovation of the house. The construction and renovation process continued for 10 months, with final inspections occurring at the beginning of August 2003. During the renovation process, the chapter was temporarily located in the old Phi Mu Sororiety house for the 2002-2003 academic school year.

The interior of both the main house and back annex were renovated to repair walls and ceilings and to provide more long-term durability. Both houses also receive reworked wiring and new electrical service to accommodate wireless internet connections. Exteriors of both houses were re-sided, repaired and repainted to prevent further water and structural damage. The basement of the main house had asbestos abatement and was structurally re-supported and waterproofed to protect the mechanical equipment.

In addition, a new, large kitchen was added to the main house, along with two new bedrooms and four new bathrooms. A rear exit and a laundry room were also part of the main house addition. Handicap accessibility was also added to the main house. Both houses are now equipped with HVAC systems. Two new paved parking lots were added to accommodate 23 parking spaces.