2013 Orange-Chatham Development Briefing
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2013 Orange-Chatham Development Briefing

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  • 25 – July, 2011 – July, 201315 – May, 2012 – July, 201321 – Nov, 2011 – July, 2013
  • After years of buyers market, 6 months supply in C & O at end of 2nd Qtr 2013
  • Glen Lennox NeighborhoodGreat locationChallenges with current use and need for redevelopment
  • A dot for every meeting our team has come to Charlotte for a meeting regarding Glen Lennox. Doesn’t include our internal meetings, including two charettes - 4.5 million capital improvements program2006 – Decision to move forward with redevelopment

2013 Orange-Chatham Development Briefing 2013 Orange-Chatham Development Briefing Presentation Transcript

  • Welcome to the 2013 Orange Chatham Development Briefing
  • Presented by
  • If you’re tweeting this event, use #OCDB13 as a hashtag
  • Breakfast Sponsor
  • Gold Sponsors
  • Silver Sponsors
  • Bronze Sponsors
  • Greening Sponsor
  • 2013 Community Champions
  • 2013 Community Investors
  • 2013 Platinum Sponsors
  • 2013 Gold Sponsors
  • 2013 Gold Sponsors
  • Our Newest Gold Master Sponsor
  • Orange-Chatham County Development Briefing The Residential Real Estate Market September 11, 2013 Mark Zimmerman All data provided by Triangle Multiple Listing Service and 10K Research and Marketing
  • 2012 Through 2013 Do We Have Momentum Yet?
  • 25
  • 25 15
  • 25 15 21
  • 25 Triangle 15 Orange County 21 Chatham County Consecutive Month Sales Growth Increase vs YA
  • 2012 was a Good Year 2013 is a Better Year • Sales up • Prices up • Days on Market down • Inventory down
  • Bye, Bye Buyers Market • Market Back to Equilibrium or Better – 6 months supply in Chatham • vs 8 months YA – 4 months supply in Orange • vs 6 months YA
  • 1st Half 2013 - Sales vs YA New Construction Triangle Orange Chatham Total +28% +30% +29% New +12% +63% +8% Resale +32% +28% +40% % New 19% 13% 39%
  • 1st Half, 2013 Sales by Price 23% 41% 22% 14% Orange County Price Points 0-200 200-400 400-600 600+ 21% 50% 23% 6% Chatham County Price Points 0-200 200-400 400-600 600+
  • Detached vs Condo/Townhouse 1st Half 2013 72% 28% Orange County Detached Multi 91% 9% Chatham County Detached Multi
  • We Are Less Distressed • TMLS distressed listings down – -38% below YA • Only 3% of Listings – vs 5% YA
  • 2013 Momentum Has Shifted • Sales, Prices up • Inventory, Days on Market down • Showings, Pendings Remain Strong • Moving to a Seller’s Market • Coming Shortage of New Construction
  • 2013 Momentum Has Shifted
  •   MICHAEL CLAYTON, OWNER, BIC
  • MARKET TRENDS FOR COMMERCIAL REAL ESTATE IN ORANGE COUNTY
  •  2012 4th Quarter Comparison;  Commercial Real Estate Categories, i.e. Office, Retail, Industrial, & Flex Space;  Vacancy Rates & Pricing by Category;  Trends in Commercial Real Estate Vacancy, Pricing, & Concessions
  • 2012 4th Quarter Review Source: The KARNES Report
  • Market Overview 2nd Quarter 2013 Sources: The KARNES Report, Loopnet
  • The Willowcrest Building
  • Office – Orange County
  • Office – Orange County
  • Office – Chapel Hill
  • 140 West Franklin
  • Retail– Chapel Hill
  • Retail– Hillsborough
  • Retail– Chapel Hill
  • Retail– Chapel Hill
  • Retail– Hillsborough
  • Chapel Hill Industrial Park
  • Industrial – Orange County
  • Industrial – Orange County
  • • • • •
  • • •
  • • • • •
  • • • •
  • ORANGE COUNTY ECONOMIC DEVELOPMENT Steve Brantley
  • Morinaga & Co., Ltd. • 114-yr old company; founded in 1899 in Tokyo, Japan. • American subsidiary is based in Irvine, CA. • World-class confectionary & candy maker with nearly $2 billion in annual global sales. • Has over 40 product lines. • Asia’s equivalent to a Hershey’s, Mars or Nestle; & ranks equal to Kellogg Company in sales. • #1 candy company in Japan. • Japan is the world’s 2nd largest confectionery market.
  • Recruitment of Project Rainbow Recruitment began in February 2012 • Competition: Toronto, Portland OR, Philadelphia PA, Richmond VA, Atlanta GA, & 18 sites in 12 N.C. counties. • Company made 11 visits to Orange County (including Chairman Gota Morinaga & President Toru Arai). • Interstate visible site became a criteria during 3rd visit. • BOCC held 3 closed session meetings to discuss the project. • Governor McCrory & N.C. Department of Commerce’s Secretary Sharon Decker met company twice in 2013. • January 2013 - Orange County & Atlanta became finalist sites. • September 3, 2013 - Morinaga selected Orange County.
  • Morinaga’s Investment Plans Investment: $48 million Employment: 90 - 120 jobs Average Salary: $37,969 Annual Payroll: $3.4 million + Benefits Building Size: 120,000 ft² Type of Operation: Mfg. of “Hi-Chew” candy Site Size & Location: 21 Acres (Buckhorn EDD) The Company has not committed to making any additional investment at this time. However, an expansion of equal size may eventually occur, since the site acreage is large enough to allow for the facility to double.
  • Key Recruitment Partners • Orange County  Board of County Commissioners  Manager’s Office  Economic Development, Planning & Inspections  Visitors Bureau, Public Affairs • City of Mebane • NC Department of Commerce • NC Department of Transportation • Durham Technical Community College • InSpec Group
  • Hi-Chew
  • Bag & Stick Varieties Hi-Chew
  • Site Photo
  • Planned Infrastructure to Site
  • Our Morinaga Success Story: • Highlights Orange County’s efforts to diversify our local economy, tax base & employment opportunities. • Creates more & better hi-tech jobs, with health & related employment benefits, for our residents. • Demonstrates how the BOCC’s commitment to prepare our Economic Development Zones with utilities, zoning, incentives, & thoughtful use of the ¼ cent sales tax for economic development, has proven to be a winning formula for the long term. • Highlights the public’s commitment to economic development by way of passage of the ¼ cent sales tax for economic development. Conclusion
  • Chatham Park Philip Culpepper Consulting Planner Chatham Park
  • Chatham Randolph Megasite Presentation by: NAT TAYLOR Taylor & McChesney Commercial Properties
  • Orange/Chatham Development Briefing September 11, 2013
  • Process Original Master Plan presented 2007 Community Forum 2008 2009 2010 2011 2012 Neighborhood Conservation District Petition Process Glen Lennox Residents Meetings NCD Development Committee Appointed GP Vision Presentation #1 GP Vision Presentation #2 GP Vision Presentation #3 GP Vision Presentation #4 NCD Development Committee Meetings Town Visioning Workshop 2013 NCD Approved (Rezoning) Council Meetings on Dev Agmt A for every meeting Grubb Properties participated in Chapel Hill meetings Dev Agmt Technical Team Meetings
  • Guiding Principles 1. Value the history of neighborhood and the Glen Lennox apartment and commercial property 2. Preserve street network 3. Create & maintain open public space 4. Balance the new development with preservation of the trees and tree canopy 5. Keep a portion of the buildings 6. Transition and vary density and height of the buildings 7. Provide landscaped buffers for sensitive neighbors 8. Preserve Church of the Holy Family’s visibility and accessibility 9. Create an effective transportation strategy 10. Encourage community sustainability 11. Encourage and support community diversity
  • Concept Plan Concept plan envisioned with community and created with careful attention to guiding principles Master plan is a 50 year vision Foresee multiple phases over 20 years Phases based on market conditions and approval of transportation improvements. First phase likely to be at NC-54 & Hamilton Road 15-501
  • Contact Rachel Russell rrussell@grubbproperties.com 704.405.1638
  • Hillsborough – Happenin’ Again Our Vision for Hillsborough is a prosperous Town, filled with vitality, fostering a strong sense of community, which celebrates and preserves its unique heritage and small-town character.
  • 100
  • A few facts for those unfamiliar… • Established in 1754 – County Seat • 5.5 square miles of city limits, 9.7 square miles of total planning jurisdiction • 6,584 population per 2007 state estimate • 94 town employees • Treats own water and wastewater for 5,000 customers
  • Housing Market For the first time in 5 years, the town will soon have 3 subdivisions under construction in the city limits. –Corbin Creek Woods – 18 lots near Town Hall –Forest Ridge – 233 single family homes across from the Triangle SportsPlex –Waterstone – 139 single family homes and 128 townhomes
  • Corbin Creek Woods • 18 in-town lots adjacent to the Historic District • Improves walkability access to 2 schools
  • Forest Ridge • Lots sizes ranging from Townhome to 13,000 sf+ • Across US 70 A from SportsPlex • Walking access to Speedway & downtown via Riverwalk
  • Waterstone • Single Family portion (green area) proposed to contain about 139 lots • Adjacent yellow pod approved for 128 townhomes • Pending sale to Ashton Woods expected to close upon SAD bond sales • Star indicated UNC Health Care location
  • UNC Health Care in Waterstone • Professional offices opened in August. • Construction continues on the main bed wing that will have 68 beds & emergency department. • Full service expected in 2015.
  • Waterstone S.A.D. • Bonds are sold to fund infrastructure improvements. • Create special assessment or tax district benefitted by improvements. • Land owners within the district pay extra tax to retire the debt. • Bonds are currently being marketed to fund remaining infrastructure. This investment will make all parcels in Waterstone development ready.
  • What’s in the pipeline? • Orange Grove Road townhomes – Annexation and development plan for about 100 townhomes • NC 57 business park – Creates 11 lots 1-3 acre parcels zoned for light industrial development; utilities in place
  • 109
  • Riverwalk II • Construction on the 1.8 mile paved greenway connecting downtown to surrounding attractions will be underway near the end of September. • The town is following-up with the design and construction of Phase III that will connect to the Occoneechee Speedway Trails.
  • Downtown Access Improvements Partnering with NCDOT to improve pedestrian safety and access in downtown – Removing some on-street parking – Widening sidewalks – Improving ADA compliance at intersections
  • Hillsborough – Happenin’ Again Our Vision for Hillsborough is a prosperous Town, filled with vitality, fostering a strong sense of community, which celebrates and preserves its unique heritage and small-town character.
  • CODE STUDIO Lee Einsweiler
  • Regulating Plan
  • Building Heights
  • New Streets
  • Types of Frontage
  • Wall Sign
  • Awning Sign
  • Canopy Sign
  • Projecting Sign
  • Crown Sign
  • Shingle Sign
  • Large Ground Sign
  • Upcoming Events • Sept 17 - Hampton Inn Hotel Ribbon Cutting • Sept 18 – Dollars & $ense: Researching the Tax Base • 12 noon, Chapel Hill Public Library • 6 pm, Extraordinary Ventures
  • Thank you for attending the 2013 Orange Chatham Development Briefing
  • Presented by
  • Breakfast Sponsor
  • Gold Sponsors
  • Silver Sponsors
  • Bronze Sponsors
  • Greening Sponsor
  • 2013 Community Champions
  • 2013 Community Investors
  • 2013 Platinum Sponsors
  • 2013 Gold Sponsors
  • 2013 Gold Sponsors
  • Our Newest Gold Master Sponsor
  • View the entire presentation on SlideShare SlidesShare.com/carolinachamber