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 p...
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 sup...
1st Half 2013 - Sales vs YA
New Construction
Triangle Orange Chatham
Total +28% +30% +29%
New +12% +63% +8%
Resale +32% +2...
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...
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 ...
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;
 Vacan...
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.
...
Recruitment of Project Rainbow
Recruitment began in February 2012
• Competition: Toronto, Portland OR, Philadelphia
PA, Ri...
Morinaga’s Investment Plans
Investment: $48 million
Employment: 90 - 120 jobs
Average Salary: $37,969
Annual Payroll: $3.4...
Key Recruitment Partners
• Orange County
 Board of County Commissioners
 Manager’s Office
 Economic Development, Planni...
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 opp...
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 Pe...
Guiding Principles
1. Value the history of neighborhood and the Glen Lennox
apartment and commercial property
2. Preserve ...
Concept Plan
Concept plan envisioned with community and created
with careful attention to guiding principles
Master plan i...
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 ...
100
A few facts for those unfamiliar…
• Established in 1754 – County Seat
• 5.5 square miles of city limits, 9.7 square
miles ...
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 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 Speedwa...
Waterstone
• Single Family portion (green
area) proposed to contain
about 139 lots
• Adjacent yellow pod approved
for 128 ...
UNC Health Care in Waterstone
• Professional offices
opened in August.
• Construction
continues on the
main bed wing that
...
Waterstone S.A.D.
• Bonds are sold to fund infrastructure
improvements.
• Create special assessment or tax district
benefi...
What’s in the pipeline?
• Orange Grove Road townhomes
– Annexation and development plan for about
100 townhomes
• NC 57 bu...
109
Riverwalk II
• Construction on the 1.8 mile paved
greenway connecting downtown to
surrounding attractions will be
underway...
Downtown Access Improvements
Partnering with
NCDOT to
improve
pedestrian safety
and access in
downtown
– Removing some
on-...
Hillsborough – Happenin’ Again
Our Vision for Hillsborough is a
prosperous Town,
filled with vitality,
fostering a strong ...
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 no...
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
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
2013 Orange-Chatham Development Briefing
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

    1. 1. Welcome to the 2013 Orange Chatham Development Briefing
    2. 2. Presented by
    3. 3. If you’re tweeting this event, use #OCDB13 as a hashtag
    4. 4. Breakfast Sponsor
    5. 5. Gold Sponsors
    6. 6. Silver Sponsors
    7. 7. Bronze Sponsors
    8. 8. Greening Sponsor
    9. 9. 2013 Community Champions
    10. 10. 2013 Community Investors
    11. 11. 2013 Platinum Sponsors
    12. 12. 2013 Gold Sponsors
    13. 13. 2013 Gold Sponsors
    14. 14. Our Newest Gold Master Sponsor
    15. 15. 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
    16. 16. 2012 Through 2013 Do We Have Momentum Yet?
    17. 17. 25
    18. 18. 25 15
    19. 19. 25 15 21
    20. 20. 25 Triangle 15 Orange County 21 Chatham County Consecutive Month Sales Growth Increase vs YA
    21. 21. 2012 was a Good Year 2013 is a Better Year • Sales up • Prices up • Days on Market down • Inventory down
    22. 22. 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
    23. 23. 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%
    24. 24. 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+
    25. 25. Detached vs Condo/Townhouse 1st Half 2013 72% 28% Orange County Detached Multi 91% 9% Chatham County Detached Multi
    26. 26. We Are Less Distressed • TMLS distressed listings down – -38% below YA • Only 3% of Listings – vs 5% YA
    27. 27. 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
    28. 28. 2013 Momentum Has Shifted
    29. 29.   MICHAEL CLAYTON, OWNER, BIC
    30. 30. MARKET TRENDS FOR COMMERCIAL REAL ESTATE IN ORANGE COUNTY
    31. 31.  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
    32. 32. 2012 4th Quarter Review Source: The KARNES Report
    33. 33. Market Overview 2nd Quarter 2013 Sources: The KARNES Report, Loopnet
    34. 34. The Willowcrest Building
    35. 35. Office – Orange County
    36. 36. Office – Orange County
    37. 37. Office – Chapel Hill
    38. 38. 140 West Franklin
    39. 39. Retail– Chapel Hill
    40. 40. Retail– Hillsborough
    41. 41. Retail– Chapel Hill
    42. 42. Retail– Chapel Hill
    43. 43. Retail– Hillsborough
    44. 44. Chapel Hill Industrial Park
    45. 45. Industrial – Orange County
    46. 46. Industrial – Orange County
    47. 47. • • • •
    48. 48. • •
    49. 49. • • • •
    50. 50. • • •
    51. 51. ORANGE COUNTY ECONOMIC DEVELOPMENT Steve Brantley
    52. 52. 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.
    53. 53. 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.
    54. 54. 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.
    55. 55. 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
    56. 56. Hi-Chew
    57. 57. Bag & Stick Varieties Hi-Chew
    58. 58. Site Photo
    59. 59. Planned Infrastructure to Site
    60. 60. 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
    61. 61. Chatham Park Philip Culpepper Consulting Planner Chatham Park
    62. 62. Chatham Randolph Megasite Presentation by: NAT TAYLOR Taylor & McChesney Commercial Properties
    63. 63. Orange/Chatham Development Briefing September 11, 2013
    64. 64. 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
    65. 65. 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
    66. 66. 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
    67. 67. Contact Rachel Russell rrussell@grubbproperties.com 704.405.1638
    68. 68. 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.
    69. 69. 100
    70. 70. 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
    71. 71. 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
    72. 72. Corbin Creek Woods • 18 in-town lots adjacent to the Historic District • Improves walkability access to 2 schools
    73. 73. Forest Ridge • Lots sizes ranging from Townhome to 13,000 sf+ • Across US 70 A from SportsPlex • Walking access to Speedway & downtown via Riverwalk
    74. 74. 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
    75. 75. 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.
    76. 76. 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.
    77. 77. 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
    78. 78. 109
    79. 79. 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.
    80. 80. 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
    81. 81. 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.
    82. 82. CODE STUDIO Lee Einsweiler
    83. 83. Regulating Plan
    84. 84. Building Heights
    85. 85. New Streets
    86. 86. Types of Frontage
    87. 87. Wall Sign
    88. 88. Awning Sign
    89. 89. Canopy Sign
    90. 90. Projecting Sign
    91. 91. Crown Sign
    92. 92. Shingle Sign
    93. 93. Large Ground Sign
    94. 94. 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
    95. 95. Thank you for attending the 2013 Orange Chatham Development Briefing
    96. 96. Presented by
    97. 97. Breakfast Sponsor
    98. 98. Gold Sponsors
    99. 99. Silver Sponsors
    100. 100. Bronze Sponsors
    101. 101. Greening Sponsor
    102. 102. 2013 Community Champions
    103. 103. 2013 Community Investors
    104. 104. 2013 Platinum Sponsors
    105. 105. 2013 Gold Sponsors
    106. 106. 2013 Gold Sponsors
    107. 107. Our Newest Gold Master Sponsor
    108. 108. View the entire presentation on SlideShare SlidesShare.com/carolinachamber
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