[Economics     Chapel Hill    of                   ]
[         available in its original form at:www.townofchapelhill.org/economic_development                          or     ...
[ Council Study Committee 2006 ]                                   “Chapel Hill is     Why                                ...
[ Tax Base ]               40%   Durham               35%   Raleigh               25%     Cary               16%   Chapel ...
[ Office Market ]
1,600,000   1,494,8591,400,0001,200,0001,000,000 800,000                                                                  ...
1 million SF of    Tax Base of                  $200                                      5,000 new office =              ...
1,500,000 $3,350]Retail Development                                                         SF retail                     ...
Retail Development   ]
[ Housing ]$200,000                    4.3H IMPROVED LAND COST PER ACRE                         Town of Chapl Hill and Com...
[ Housing ]                                                      Chapel Hill –                                            ...
[ Housing ] 321                to      463Annual housing permits demand for next 10 years
[ Housing ]581 – 817demand for market rate rental units – 2009- 2014    Including 336 - 431 units of affordable rental hou...
[ Housing needs ]
[ Ephesus Church- Fordham SAP ]                                         Residential                                       ...
[ Conceptual Plan Components ]Density levels Neighborhood Transition Approximately 3-4 stories  Central Residential Core  ...
[ Land Use and Zoning Tools ]  • Create a New    Redevelopment Zoning    District
[ Financing Tools ]• Municipal Service District• Special Assessment District• TIF/Synthetic TIF• Revenue Bonds• Loan Guara...
[ Implementation: In process ]•   Phase I functional engineering complete•   Phase II functional engineering scope•   Expl...
[ Downtown]>   5-700,000 SF of retail (Town of Chapel Hill)>   3-500,000 sf of office (Town of Chapel Hill)>   Some opport...
PROPOSED Downtown Framework and Action Plan   [ Compact, Anchored                 Connected,                              ...
[Rosemary Imagined!]> 21st century approaches to Planning> Begin with interests> Use text-to-vote at all public meeting> U...
Retail= 500,000 – 1,000,000Office= 1,000,000Housing= 4,600 new housingunits     =Reduced     Residential property tax dema...
[   Current Projects:       ]•   Rosemary Imagined•   Marketing•   Economic Analysis for new Rezoning/SUPs•   Ephesus Chur...
[Economics     Chapel Hill    of                   ]
[ ] ?
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
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March Member Meeting -- Voices Matter: Economic Development & Land Use

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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.

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March Member Meeting -- Voices Matter: Economic Development & Land Use

  1. 1. [Economics Chapel Hill of ]
  2. 2. [ available in its original form at:www.townofchapelhill.org/economic_development or www.opentobusiness.biz ] All information provided in this presentation is
  3. 3. [ Council Study Committee 2006 ] “Chapel Hill is Why close to being Economic built out, we Development? need to maximize future opportunities for revenue.”
  4. 4. [ Tax Base ] 40% Durham 35% Raleigh 25% Cary 16% Chapel Hill
  5. 5. [ Office Market ]
  6. 6. 1,600,000 1,494,8591,400,0001,200,0001,000,000 800,000 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
  7. 7. 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
  8. 8. 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
  9. 9. Retail Development ]
  10. 10. [ 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
  11. 11. [ Housing ] Chapel Hill – $388,000 [ Average Sales Price ] Cary – $315,000 Raleigh – $237,000 Durham – $192,000Average sales price for-sale housing MLS - 2012
  12. 12. [ Housing ] 321 to 463Annual housing permits demand for next 10 years
  13. 13. [ Housing ]581 – 817demand for market rate rental units – 2009- 2014 Including 336 - 431 units of affordable rental housing
  14. 14. [ Housing needs ]
  15. 15. [ Ephesus Church- Fordham SAP ] Residential Units 1,084 +/- Office 368,000 +/- Hotel 280,000+/-Retail258,000 +/-
  16. 16. [ 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
  17. 17. [ Land Use and Zoning Tools ] • Create a New Redevelopment Zoning District
  18. 18. [ Financing Tools ]• Municipal Service District• Special Assessment District• TIF/Synthetic TIF• Revenue Bonds• Loan Guarantees
  19. 19. [ 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
  20. 20. [ 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
  21. 21. PROPOSED Downtown Framework and Action Plan [ Compact, Anchored Connected, ] and GreenKeep downtown Compact andwalkable but identify newdevelopment opportunitiesImprove Connections…cars, buses, peds and bikesDevelop parking and visitorfacilities to Anchordowntown and delivercustomersCreate new Green publicspace and advanceenvironmental and financiallysustainable developmentpractices
  22. 22. [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
  23. 23. Retail= 500,000 – 1,000,000Office= 1,000,000Housing= 4,600 new housingunits =Reduced Residential property tax demand in the future
  24. 24. [ Current Projects: ]• Rosemary Imagined• Marketing• Economic Analysis for new Rezoning/SUPs• Ephesus Church-Fordham Implementation• Housing Study• Development Agreement framework
  25. 25. [Economics Chapel Hill of ]
  26. 26. [ ] ?
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