Or has the rest of the Triangle just caught up?

Local business and government leaders talked about Chapel Hill's "brand" Friday at a meeting at the Siena Hotel. A community's brand is important because it's how the outside world sees it. It can influence where people live and where companies locate.

"You're rich. You're mostly white. You're the slowest-growing area [in North Carolina] that isn't going backward," said guest speaker Ted Abernathy, executive director of the Southern Growth Policies Board and the former economic development officer for Orange County and the City of Durham. "Your housing is the highest priced. You're exclusive.

"You used to be the coolest place."

Abernathy spoke to the Community Leadership Council, a group of local leaders best known for visiting other college towns to see how they've handled growth and development.

His message wasn't all bad.

"You're viewed as a wonderful place to live, [with] great schools for the rich people who can afford to live here," he said. "Your shopping is good. I go to University Mall regularly."

And there's still basketball.

"Your brand is very much Roy Williams," Abernathy said.

But since the mid-1970s, when Chapel Hill was the place to go for the best arts, dining and "funky stuff anywhere in the Triangle," the town has lost its cachet, he said.

"People from Durham don't come over anymore," Abernathy said. "People from Raleigh don't come over anymore."

The Triangle's other two corners have invested in their downtowns, giving their residents less reason to drive to Chapel Hill for entertainment. The investment is attracting businesses, some of which used to operate in Chapel Hill.

Somerhill Gallery, a staple of the Triangle arts scene, opened recently in downtown Durham's Venable Center after losing its lease at Eastgate shopping center.

Even Aaron Nelson, president and CEO of the Chapel Hill-Carrboro Chamber of Commerce, acknowledged Chapel Hill has lost some of its competitive edge.

"American Tobacco can eat our lunch," he said. "WUNC Radio broadcasting from American Tobacco kills me every time."

Change is coming to Chapel Hill.

The eight-story 140 West Franklin condominiums and the seven- and 10-story Greenbridge towers in the West End will bring residents that town leaders say will make downtown vibrant again.

But when it comes to image and recruitment, Chapel Hill faces additional challenges.

"People don't know what we as a community want, or necessarily agree when they hear what the answer is," said Barbara Jesse Black, executive director of the PTA Thrift Shops.

Dwight Bassett, the town of Chapel Hill economic development director, says even he doesn't have a good "elevator speech," a quick sales pitch to give businesses considering locating here.

The town does get queries.

Bassett said he's currently talking with a boutique hotel; a 25,000 square foot meeting facility; a 35,000 square foot corporate relocation; and a nationally known artist who's looking at Franklin Street.

"I continue to be amazed at the inquiries that continue to come in despite the global economic climate we're in," he said.

But the town is hampered by limited office and commercial space, including virtually no class B office space for start-up companies, he said.

The group made no definitive follow-up plans. But members were given plenty to think about.

"Are we as great as we think we are?" asked Glen Greenstreet of Greenstreet Builders. "We all live here. We all think this is great. Does anybody else know? Does anybody else care?"