Do you remember the great arcades of the 1980s and 90s?
This cache is placed near the former Barrel of Fun Arcade on Franklin Street, across from UNC-Chapel Hill. This was very popular with the students, and was in a long strip of stores and clubs, 
which is the "party-central" area near the college. Numerous bloggers mention this old arcade, among other long-gone businesses in the area.
This arcade was located at 161 E. Franklin Street, between a very old drug store which is still open, and a clothing store. It was open during the "heyday" of arcades during the early 1980s; but closed at an unknown date somewhere in the time that most others closed. The building was then a rapid succession of different stores, then an entire series of coffee houses- it is now an upscale coffee house today (2008). During its last couple of years, it was owned by Namco, the American subsidiary of a Japanese company, that bought up a number of other arcade chains.
Colleges and universities were once popular places for arcades, in addition to shopping malls. Nowadays, a few games can be found here and there in bars and convenience stores, but that's all. It was a lot of fun while it lasted!
This hide is located behind the former arcade, in a likely spot. This hide will be either very easy or very difficult, depending on your approach. Thanks to mclem829 for looking up info about this arcade.
Pac-Man Fever!
Note: coords are really iffy in this spot. Try the original coords if you are having trouble:
N35° 54.856 W79° 03.251