[ Agenda]
 Review Joe Minicozzi work
 Small Area Plan
 Engineering and studies from the past 2 years
 Financing
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]

Downtown

Ephesus
Church
Fordham

Southern Village

Meadowmont
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
?
[ Ephesus Church - Fordham Boulevard ]
Small Area Planning and Traffic Analysis
[ Ephesus Church - Fordham Boulevard ]
Goals for tonight:

 1. Small Area Plan
 1. Small Area Plan

 2. Functional Engi...
[ Framework Plan ]
•
•
•
•
•
•
1.
2.
3.
4.
5.

Increased Connectivity
Throughout
Create Greenspace
System
Create Mixed-Use...
[

Framework Components: Density

]

•

Transitions to neighborhoods

•

Density along Fordham Blvd.

Presented to Council...
[ Conceptual Plan Components ]
Development Density
High Density Mixed-Use
and Commercial
Development
Approximately 6+ stor...
[

Conceptual 3D Massing ]
[ Ephesus Church- Fordham
SAP ]
Development Summary

Residential
Units
1,084 +/Office
368,000 +/-

Retail
258,000 +/-

Hot...
 1. Review how we arrived at this
 1. Review how we arrived at this
destination (Small Area Plan)
destination (Small Are...
[ Implementation ]
[ Functional

Engineering

]
1B

1A
6

1C
3
2
1A
1B
1C
Phase ID- Wayfinding
signage
· Incorporate directional
/wayfinding signage to encourage
preferred traffic movements, such
...
2
3
6
Willow Drive to Elliot Road Connector:

This connector road needs
additional functional engineering
and consideration.
•
•
•
•

Phase I $2.4M
Phase II $4.0M
Phase III $1.3M
Phase IV included in Phase
II OPCC
• Phase V included in Phase I
OPC...
[ Stormwater ]
How do we allow
development to occur in this
district when it is prone to
flooding?
1. Manage Stormwater as a district.
2. Any site that turns dirt, pays $100,000
initiation fee. All of the fees are set asi...
[

Conceptural Sketch

]
Key Items to improve flow and prevent daming.
[ Affordable

Housing

]
[ Affordable

Housing

Adopted Goal of 300 new units
Adopted Goal of 300 new units
--ThePark has agreed to provide 65
The ...
[ Apartment

Market ]

Sorted by 2010 rent averaged
Advertisied Rents for Apartments Complexes
2010
Apartment Complex
1 Be...
 1. Small Area Plan
 1. Small Area Plan
 2. Functional Engineering and storm
 2. Functional Engineering and storm
wate...
[ Plan Implementation]
[ Projected Investment: Private]
District Value
District Value
•Land
•Land
•Building
•Building
TOTAL
TOTAL

$57,602,000
$5...
[ Financing: Public ]
Phase
Phase I I
Phase II
Phase II
Phase III
Phase III
Phase VI
Phase VI
Stormwater
Stormwater
Borrow...
[ The Plan: Stimulate private

]

Create two-level
investmentfinancing district with Project Development

Financing as the...
[ Future timeline ]
Small Area Plan: Adopted June 2011
Small Area Plan: Adopted June 2011

Phase I: Plan Adoption
Phase I:...
Why this is important?
• Opportunity for real tax base growth
• New walkable district to meet with the brand we
have previ...
Thank You !
Questions?
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
Ephesus Church-Fordham Boulevard Presentation to EDPP
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Ephesus Church-Fordham Boulevard Presentation to EDPP

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On January 9, 2014, Town of Chapel Hill economic development director Dwight Bassett made a presentation to EDPP on the Ephesus Church-Fordham Boulevard plan.

Published in: Real Estate, Business, Technology
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Ephesus Church-Fordham Boulevard Presentation to EDPP

  1. 1. [ Agenda]  Review Joe Minicozzi work  Small Area Plan  Engineering and studies from the past 2 years  Financing
  2. 2. [ Joe Minicozzi: Economics of Land Development Patterns ]
  3. 3. [ Joe Minicozzi: Economics of Land Development Patterns ]
  4. 4. [ Joe Minicozzi: Economics of Land Development Patterns ]
  5. 5. [ Joe Minicozzi: Economics of Land Development Patterns ]
  6. 6. [ Joe Minicozzi: Economics of Land Development Patterns ] Downtown Ephesus Church Fordham Southern Village Meadowmont
  7. 7. [ Joe Minicozzi: Economics of Land Development Patterns ]
  8. 8. [ Joe Minicozzi: Economics of Land Development Patterns ]
  9. 9. [ Joe Minicozzi: Economics of Land Development Patterns ]
  10. 10. [ Joe Minicozzi: Economics of Land Development Patterns ]
  11. 11. [ Joe Minicozzi: Economics of Land Development Patterns ]
  12. 12. ?
  13. 13. [ Ephesus Church - Fordham Boulevard ] Small Area Planning and Traffic Analysis
  14. 14. [ Ephesus Church - Fordham Boulevard ] Goals for tonight:  1. Small Area Plan  1. Small Area Plan  2. Functional Engineering and  2. Functional Engineering and stormwater stormwater 3. Financing the improvements. 3. Financing the improvements.
  15. 15. [ Framework Plan ] • • • • • • 1. 2. 3. 4. 5. Increased Connectivity Throughout Create Greenspace System Create Mixed-Use Nodes Multi-Family Residential Development Increased Transit Presence and Facilities Roadway Operational Improvements: Extend Legion Road Extend South Elliot Road Long-Term Road Connections in Village Plaza and Ram’s Plaza Intersection Improvements Operational Improvements
  16. 16. [ Framework Components: Density ] • Transitions to neighborhoods • Density along Fordham Blvd. Presented to Council: February 28, 2011 & May 16, 2011 Higher Density Lower Density
  17. 17. [ Conceptual Plan Components ] Development Density High Density Mixed-Use and Commercial Development Approximately 6+ stories Central Residential Core Approximately 5-6 stories Neighborhood Transition Approximately 3-4 stories This was developed by Urban Collage in the May of 2011 and shared with the Council Committee on Economic Development as a part of discussion of density and site plan presentation by the former Colony Apartments. (Concept idea on following slide)
  18. 18. [ Conceptual 3D Massing ]
  19. 19. [ Ephesus Church- Fordham SAP ] Development Summary Residential Units 1,084 +/Office 368,000 +/- Retail 258,000 +/- Hotel 280,000+/-
  20. 20.  1. Review how we arrived at this  1. Review how we arrived at this destination (Small Area Plan) destination (Small Area Plan) ?
  21. 21. [ Implementation ]
  22. 22. [ Functional Engineering ]
  23. 23. 1B 1A 6 1C 3 2
  24. 24. 1A
  25. 25. 1B
  26. 26. 1C
  27. 27. Phase ID- Wayfinding signage · Incorporate directional /wayfinding signage to encourage preferred traffic movements, such as the existing ‘slip’ lane from Fordham Boulevard into Rams Plaza as a substitute for the current left-turn movement from Ephesus Church Road.
  28. 28. 2
  29. 29. 3
  30. 30. 6 Willow Drive to Elliot Road Connector: This connector road needs additional functional engineering and consideration.
  31. 31. • • • • Phase I $2.4M Phase II $4.0M Phase III $1.3M Phase IV included in Phase II OPCC • Phase V included in Phase I OPCC • Phase VI $1.1M (assuming roundabout at Elliott) Not currently considered to be funded. Approximately $8.8 for road/ped/bike improvements. > When there are substantial road improvements, bike and pedestrian improvements are incorporated. Existing streets with limited or no improvements will need bike/ped improvements made in the future. > Transit has participated in this planning and been consulted as we continue to plan the improvements.
  32. 32. [ Stormwater ]
  33. 33. How do we allow development to occur in this district when it is prone to flooding?
  34. 34. 1. Manage Stormwater as a district. 2. Any site that turns dirt, pays $100,000 initiation fee. All of the fees are set aside for future stormwater capital for the district. 3. We provide approximately $1.2 million for district stormwater improvements. Water quality and quantity management. 4. If singular sites increase impervious surface, a separate evaluation would take place to determine impact and improvements to be made by the developer.
  35. 35. [ Conceptural Sketch ]
  36. 36. Key Items to improve flow and prevent daming.
  37. 37. [ Affordable Housing ]
  38. 38. [ Affordable Housing Adopted Goal of 300 new units Adopted Goal of 300 new units --ThePark has agreed to provide 65 The Park has agreed to provide 65 --DHICproposal can add up to 200 more DHIC proposal can add up to 200 more --Otheropportunities Other opportunities ]
  39. 39. [ Apartment Market ] Sorted by 2010 rent averaged Advertisied Rents for Apartments Complexes 2010 Apartment Complex 1 Bed 2 Bed avg 3 Bed 1 Bed 1 Kingwood Apts $489 - $529 $554 - $634 $594.00 $505-$710 2 Kings Arms $600 - $625 $612.50 3 Timberlyne Village $589 - $715 $599 - $749 $674.00 $635-$685 4 Booker Creek Apts $699 - $719 $709.00 5 Colony (The Park) $525 -$535 $675 - $745 $710.00 $565-$585 6 Pinegate Apts $477 - $637 $657 - $847 $752.00 $605-$750 7 Franklin Woods Apts $650 - $670 $755 - $775 $765.00 $790-$970 8 Sagebrook $596 - $701 $678 - $894 $786.00 $725-$835 9 Shadowwood $575 - $685 $755 - $820 $787.50 $684-$809 10 Foxcroft $674 - $714 $784 - $930 $857.00 $865 - $930 $764 11 Glen Lennox $660 - $800 $760 - $955 $857.50 $880 - $1,100 $710-$840 12 Sunstone $737 - $785 $796 - $935 $865.50 $815-$995 13 Timber Hollow $650 - $745 $899 - $925 $912.00 $714 -$835 14 Laurel Ridge $645 - $675 $750 - $1,225 $987.50 $685-$835 15 The Pointe of Chapel Hill $750 - $870 $960 - $1,250 $1,105.00 $1,420 - $1,460 $950-$1,225 16 Southern Village Apts $910 - $1,035 $1,115 - $1,290 $1,202.50 $1,495 - $1,570 $1,055-$1,180 17 Notting Hill $850 - $1,281 $1,136 - $1,507 $1,321.50 $1,187 - $1,473 $833-$778 18 Apts at Meadowmont $1,035 - $1,260 $1,345 - $1370 $1,357.50 $1,725 - $1,775 $1,421-$1,626 19 Cosgrove Hill $1,160 - $1,175 $1,400 - $1,600 $1,500.00 $1,920 - $2,320 $1,180-$1,230 20 Northampton Plaza $640 - 800 $899 2013 avg 2 Bed $655-$810 $685-$720 $785-$825 $835-$920 $710-$835 $669-$950 $785-$955 $840-$975 $913-$971 $879-$989 $780-$995 $900-$1,080 $965-$995 $785-$859 $900-$1,458 $1,175-$1,285 $1,006-$1,406 $1,521-$1,584 $1,530-$1,635 3 Bed Units $732.50 330 $702.50 64 $805.00 n/a $877.50 118 $772.50 198 $809.50 298 $870.00 100 $907.50 280 $942.00 336 $934.00 $995-$1,035 248 $887.50 $905-$1,165 440 $990.00 260 $980.00 198 $822.00 $999-$1,249 160 $1,179.00 $1,366-$1,729 240 $1,230.00 $1,565-$1,690 250 $1,206.00 $1,268-$1,518 n/a $1,552.50 $1,885-$1,994 258 $1,582.50 $1,935-$2,330 129 154
  40. 40.  1. Small Area Plan  1. Small Area Plan  2. Functional Engineering and storm  2. Functional Engineering and storm water water ?
  41. 41. [ Plan Implementation]
  42. 42. [ Projected Investment: Private] District Value District Value •Land •Land •Building •Building TOTAL TOTAL $57,602,000 $57,602,000 $96,400,000 $96,400,000 $154,000,000 $154,000,000 If the District were a Municipal Improvement District with a tax rate of $.10 it could generate $154,000 If the District were a Municipal Improvement District with a tax rate of $.10 it could generate $154,000 per year. per year. If the value were increase according to projections, a tax rate of $.05 would generate $162,000. If the value were increase according to projections, a tax rate of $.05 would generate $162,000. PROJECTED INVESTMENT Projected TOCH Tax Existing CH Name Property Square Feet Value PSFProjected Value (.515) Existing Value Tax Net Quality Inn 200000 $175 $35,000,000 $180,250 $6,017,642 $30,931 $149,319 The Park Residences 680000 $150 $102,000,000 $525,300 $7,369,494 $37,879 $487,421 The Park (comm site) $3,000,000 $15,450 $15,450 $15,450 Former Theater Residences 240000 $150 $36,000,000 $185,400 $1,345,050 $6,914 $178,486 Retail 10000 $100 $1,000,000 $5,150 $5,150 $5,150 $0 TOTAL PROJECTED: $177,000,000 $911,550 $14,732,186 $96,323 $835,827 GROWTH $12 Projected Value is based on the TIF Analysis Appendix of the Small Area Plan - 2011 1200% growth in Tax base value for the properties. A little over 100% growth in value for the district. Zoning does affect the projected income for the financing.
  43. 43. [ Financing: Public ] Phase Phase I I Phase II Phase II Phase III Phase III Phase VI Phase VI Stormwater Stormwater Borrow Borrow $2.4M $2.4M $4.0M (assuming stop control Ephesus Church) $4.0M (assuming stop control atatEphesus Church) $1.3M $1.3M $1.1M $1.1M $1.2M $1.2M $10.M 2014-2015 $10.M 2014-2015 Projected net new taxes(TCH only) $835,000 Projected net new taxes(TCH only) $835,000 Annual Debt service $770,000 Annual Debt service $770,000 OPTION: Additional tax from district until sufficient? OPTION: Additional tax from district until sufficient? New taxes $100,000 New taxes $100,000 Redevelopment projects carry the debt for the district. Redevelopment projects carry the debt for the district.
  44. 44. [ The Plan: Stimulate private ] Create two-level investmentfinancing district with Project Development Financing as the primary and capture increased value from the Town to pay debt. 1) 1) Project Development Financing Request that the Project Development Financing --Request that the County consider participating in the debt repayment by County consider participating in the debt repayment by pledging new taxes from new development back to the Town pledging new taxes from new development back to the Town until the debt is paid. If we borrow $10,000,000 the annual until the debt is paid. If we borrow $10,000,000 the annual payment would be around $900,000 for 15yrs, (or payment would be around $900,000 for 15yrs, (or [Recommended the County does notparticipate $770,000 for 20 yrs). participate] participate [Recommended ififthe County does not participate] $770,000 for 20 yrs). 2) Authorize a Municipal Service District (as secondary) to 2) Authorize a Municipal Service District (as secondary) to pay for maintenance of the Stormwater improvements, probably pay for maintenance of the Stormwater improvements, probably a tax rate of $.02 for a targeted minimum of $50,000 annually. a tax rate of $.02 for a targeted minimum of $50,000 annually. Tax rate can be reduced as the value of the district increases. Tax rate can be reduced as the value of the district increases. This district can also be utilized to back-up the bond debt for the This district can also be utilized to back-up the bond debt for the TIF. TIF.
  45. 45. [ Future timeline ] Small Area Plan: Adopted June 2011 Small Area Plan: Adopted June 2011 Phase I: Plan Adoption Phase I: Plan Adoption Mayors Innovation Project: Sept 2012 Mayors Innovation Project: Sept 2012 Public Update: February 28, 2013 Public Update: February 28, 2013 Phase II: Write the Code Phase II: Write the Code Public Review Draft :: Summer 2013 Public Review Draft Summer 2013 Council Considers Code: 1/22/2014 and Council Considers Code: 1/22/2014 and 2/24/2014 2/24/2014 Phase III: Improvements Phase III: Improvements July 2014-2015 July 2014-2015
  46. 46. Why this is important? • Opportunity for real tax base growth • New walkable district to meet with the brand we have previously established • First action step coming after adoption of Chapel Hill 2020 • Potential for helping set the pace for our future • Message it sends to the regional community about our interest in business and growth • Opportunity to create a better business district than currently exists Attend Council meetings - 1/21/2014 and 2/24/2014
  47. 47. Thank You ! Questions?

×