At March's Member Meeting, Dwight Bassett, Economic Development Officer for the Town of Chapel Hill, spoke about current issues that face all of us as residents, Brokers, consumers, and businesses.

4. [
Economics
Chapel Hill
of
]

5. [ available in its original form at:
www.townofchapelhill.org/economic_development
or
www.opentobusiness.biz ]
All information provided in this presentation is

6. [ Council Study Committee 2006 ]
“Chapel Hill is Why
close to being Economic
built out, we Development?
need to
maximize future
opportunities for
revenue.”

7. [ Tax Base ]
40% Durham
35% Raleigh
25% Cary
16% Chapel
Hill

8. [ Office Market ]

9. 1,600,000 1,494,859
1,400,000
1,200,000
1,000,000
800,000 Series1
600,000
224,000
Down from 20.49% in 2011
400,000
200,000
16.78%
0
Total Vacant %
Office Space 2nd qtr 2011 - Orange County
SF over 10,000 Vacant Vacancy rate

10. 1 million SF of Tax Base of
$200
5,000
new office = 2,100
employees.
permanent
FTE
million. construction jobs.
$28
$2.68
million in
$350 lease payments for
million to property
million in net- the management and
new property economy operations.
taxes. Construction workers earn
$140 million in wages.
= 4 cents on Chapel Hill’s Property Tax Rate

11. 1,500,000 $3,350
]
Retail Development
SF retail Amount spent
by a typical
800,000
2,200,000
office worker
SF retail – Streets of SP
spends on
new residents in the region
food.
in next 20 years
400,000
SF of new retail in 10 years
1,300,000
SF of new retail 2010
35%
Approximate
amount of
market loss

12. Retail Development ]

13. [ Housing ]
$200,000 4.3H IMPROVED LAND COST PER ACRE
Town of Chapl Hill and Comparison Geographies
$180,000 $175,067
$160,000
$140,000
$120,000
$99,714 $98,662 0 - .2 acres
$100,000
$80,000
$60,000
$49,736
$40,000
$20,000
Chapel Hill Raleigh Durham Cary
$0

14. [ Housing ] Chapel Hill –
$388,000
[ Average Sales Price ]
Cary – $315,000
Raleigh – $237,000
Durham – $192,000
Average sales price for-sale housing MLS - 2012

15. [ Housing ]
321 to 463
Annual housing permits demand for next 10 years

16. [ Housing ]
581 – 817
demand for market rate rental units – 2009- 2014
Including 336 - 431 units of affordable rental housing

17. [ Housing needs ]

18. [ Ephesus Church- Fordham SAP ]
Residential
Units
1,084 +/-
Office
368,000 +/-
Hotel
280,000+/-
Retail
258,000 +/-

20. [ Conceptual Plan Components ]
Density levels
Neighborhood Transition
Approximately 3-4 stories
Central Residential Core
Approximately 5-6 stories
High Density Mixed-Use
and Commercial
Development
Approximately 6+ stories

23. [ Land Use and Zoning Tools ]
• Create a New
Redevelopment Zoning
District

24. [ Financing Tools ]
• Municipal Service District
• Special Assessment District
• TIF/Synthetic TIF
• Revenue Bonds
• Loan Guarantees

25. [ Implementation: In process ]
• Phase I functional engineering complete
• Phase II functional engineering scope
• Exploring financing options
• This meeting begins rezoning discussion
• 5 redevelopment sites: plans being developed
• Redevelopment and construction planned for 2013-
2014

26. [ Downtown]
> 5-700,000 SF of retail (Town of Chapel Hill)
> 3-500,000 sf of office (Town of Chapel Hill)
> Some opportunity for Hotel
> Future potential for Residential
Proposed: Downtown Framework and Action Plan

27. PROPOSED Downtown Framework and Action Plan
[ Compact, Anchored
Connected,
]
and
Green
Keep downtown Compact and
walkable but identify new
development opportunities
Improve Connections
…cars, buses, peds and bikes
Develop parking and visitor
facilities to Anchor
downtown and deliver
customers
Create new Green public
space and advance
environmental and financially
sustainable development
practices

30. [Rosemary Imagined!]
> 21st century approaches to Planning
> Begin with interests
> Use text-to-vote at all public meeting
> Use chalk-boards to draw attention to potential redevelopment sites.
Leave comments and drawings.
> Have at least 3 public meetings and 1 social
> Focus on innovation and entrepreneurship
> Insert finished process into former Downtown Framework

31. Retail= 500,000 – 1,000,000
Office= 1,000,000
Housing= 4,600 new housing
units
=Reduced
Residential property tax demand
in the future

32. [ Current Projects: ]
• Rosemary Imagined
• Marketing
• Economic Analysis for new Rezoning/SUPs
• Ephesus Church-Fordham Implementation
• Housing Study
• Development Agreement framework

34. [
Economics
Chapel Hill
of
]

35. [ ]
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