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Economic Development Briefing 2019
What: Slides from the Economic Development Briefing When: Wednesday, June 12, 2019 Where: Silverspot Cinema About: Affectionately known as "Places & Spaces," this forum provided a fast-paced, timely state-of-play on several key commercial projects and districts, including downtown Chapel Hill, the Blue Hill District, and downtown Carrboro. - Segment I: “Projects”: Glen Lennox and The Central with Tim Jezisek of Grubb Properties; Caraway Village and Carolina Square with Northwood Ravin (Jeff Furman or Jonathan Matthews); University Place and apartment development with Ram Realty Advisors (Ashley Saulpaugh or David Klepser) South Green with Gary Hill of Avison Young; and Shelton Station with Mark Moshier of Legacy Property Group. - Segment II: “Districts”: Blue Hill District in Chapel Hill with Dwight Bassett of the Town of Chapel Hill and Downtown Chapel Hill with Matt Gladdek of the Chapel Hill Downtown Partnership - Segment III “Jurisdictions”: Downtown Carrboro with Annette Stone of the Town of Carrboro; Orange County with Steve Brantley of Orange County Economic Development; and Downtown Chapel Hill with Dwight Bassett of The Town of Chapel Hill This forum is part of the 2019 Policy Series and is sponsored by Cardinal Innovations Healthcare, Durham Tech, Haugh Realty Advisors, and Silverspot Cinema. Learn more: https://www.carolinachamber.org/events/details/economic-development-briefing-5624
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Economic Development Briefing 2019
- 1. Welcome to the EconomicDevelopment Briefing June 12, 2019
- 2. 2019 Policy Seriespresented by: A high-end sophisticated movie theater #CHCPolicySeries
- 3. 2019 Policy Seriespresented by: A comprehensive community college serving Durham and Orange counties #CHCPolicySeries
- 4. 2019 Policy Seriespresented by: Expertise in commercial real estate space & place #CHCPolicySeries
- 5. 2019 Policy Seriespresented by: Community-based care for complex needs #CHCPolicySeries
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- 8. The Chamber Project: Glen Lennoxand 137 E. Franklin Presented by: Tim Jezisek, Grubb Properties
- 9. Welcome Tim Jezisek VP Development,Grubb Properties tjezisek@grubbproperties.com
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- 11. Glen Lennox wasbuilt in 1953and comprises ~70acres at the northeast intersection of 15-501& NC54
- 12. Phase 1: StartingHere (Block 7) 15-501 Concept site plan from Dev Agr We have startedwith Block 7,atthe northwest corner, at Brandon &Hayes. Underconstruction now: OurLink Lindenapartment building will feature 215units wrapping a parkinggarage. Our goal is to make our Link Apartments products the most affordablenew urbanproduct in the market. Thefirst units are slated to deliver inOctober of 2020. Targeting a September 2019construction start,a 106,000 Class A office is envisioned adjacent tothe new Glen Lennox Drivesignalized intersection at15-501.
- 13. This year: Extensiveunderground utility upgrades and installation, parking deck,road bases
- 16. Copenhagenize: Helping makeGlen Lennox a leader in bicycle-friendlyurban design www.copenhagenize.eu
- 18. “137 Franklin” & “136 Rosemary” Formerly“The Central” Re-branded to focus on the strength of downtown Chapel Hill, especially the Franklin St address. 118,000 SF Total $12.5 MM investment in full interior and exterior renovation planned 2019-2020 297-space parking deck (+ adjacent surface lots) = unparalleled parking access Co-working, University, & Professional Offices Envisioned 297-space parking deck with access by skybridge 136 E Rosemary 137 E Franklin
- 19. Thank You Tim Jezisek VPDevelopment, Grubb Properties tjezisek@grubbproperties.com
- 20. The Chamber Project: Carraway Villageand Carolina Square Presented by: Jeff Furman, Northwood Ravin
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- 23. www.NWRLiving.com | #ThisIsNWRLiving|@NorthwoodRavin
- 24. www.NWRLiving.com | #ThisIsNWRLiving|@NorthwoodRavin
- 25. www.NWRLiving.com | #ThisIsNWRLiving|@NorthwoodRavin
- 26. www.NWRLiving.com | #ThisIsNWRLiving|@NorthwoodRavin
- 27. www.NWRLiving.com | #ThisIsNWRLiving|@NorthwoodRavin
- 28. www.NWRLiving.com | #ThisIsNWRLiving|@NorthwoodRavin
- 29. The Chamber Project: University Placeand Apartment Development Presented by: David Klepser, Ram Realty Advisors
- 30. Economic Development Briefing June12, 2019 Fordham Boulevard Apartments
- 31. 31 SUMMARY Fordham Boulevard Apartments •272Apartment Homes •Mix of Studios, 1 Bedroom, 2 Bedroom •Estimated Completion Early Summer 2020 •Extensive Resident Amenities
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- 34. 34 RENDERINGS Fordham Boulevard Apartments Cornerview at South Elliott Rd. and Fordham Blvd.
- 35. 35 RENDERINGS Fordham Boulevard Apartments Viewfrom Motor Court
- 36. RECENT AERIAL 36 Fordham BoulevardApartments Fordham Blvd. Eastgate Crossing Fordham Blvd. Apartments N
- 37. 37 BOOKER CREEK IMPROVEMENT FordhamBoulevard Apartments Public/Private partnership to improve flood storage capacity and provide a recreational amenity for the Blue Hill District Fordham Apartments Existing path Connects to S. Elliott Rd. Connects to public sidewalk (to Fordham Blvd.) Elliott Square Berkshire Chapel Hill
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- 42. The Chamber Project: South Green Presentedby: Gary Hill, Woodhill NC, LLC., & Avison Young
- 43. South Green Carrboro, NC EconomicDevelopment Forum June 12, 2019 Gary Hill, Woodhill NC, LLC
- 59. The Chamber Project: Shelton Station Presentedby: Mark Moshier, Legacy Real Property Group
- 76. The Chamber Projects: Glen Lennox& 137 E. Franklin – Tim Jezisek Carraway Village & Carolina Square – Jeff Furman University Place & Fordham Boulevard Apartments – David Klepser South Green – Gary Hill Shelton Station – Mark Moshier SEGMENT 1 QUESTIONS?
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- 78. The Chamber Districts: Blue HillDistrict in Chapel Hill Presented by: Dwight Bassett, Town of Chapel Hill
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- 81. Updates • Floodplain permitsfrom State expected in May 2019 • Design 90% complete • Property acquisition underway • Construction start targeted for summer 2019 Eastgate Elliot Sq Fordham Blvd Apts Elliott Rd Flood Storage
- 82. Elliott Road Extension Updates •Nearing 70% Design completion • Final Design expected Summer to Fall 2019 • Construction as part of Park Apartments project Elliott Rd Extension
- 83. 0 50000000 100000000 150000000 200000000 250000000 300000000 $154,002,930 262,996,401 262,996,401 262,996,401 BLUEHILL TAX BASE Series1 Series2 2014 2018 2019 2020 $108,993,000 in net new tax base.
- 84. 2016 2017 20182019 0 100000 200000 300000 400000 500000 600000 $0 $499,190 $510,089 $554,006 TOWN TAX INCREMENT GROWTH Tax Increment = new taxes collected by the Town
- 85. New development Development Projects* StatusSq Ft Resid. Sq Ft Comm. Est. Value Completion Village Plaza Apartments (Alexan)(Berkshire) Occupied 305,000 $ 15,600 $ 61,604,500 FY18 CVS at Rams Plaza Occupied - 10,461 532,000 FY18 Eastgate Building D Occupied - 7,761 776,100 FY18 Rams Outparcel Occupied - 2,700 692,900 FY18 Greenfield Place Occupied 81,599 - 9,383,885 FY19 Hillstone Chapel Hill Construction 400,411 - 58,201,200 FY20 Greenfield Commons (Tax Exemption Pending) Construction 77,775 - 8,944,125 FY20 Fordham Blvd. Apartments** Construction 291,015 - 42,197,175 FY20 Quality Inn Redevelopment Phase I (hotel)** Under Review - 43,040 - FY20 Quality Inn Redevelopment Phase II (office & residential)** Under Review 312,037 42,455 - FY21 The Park Apartments Redevelopment (Phase I)** Concept 376,000 - - FY21 The Park Apartments Redevelopment (Phase II)** Concept 304,000 - - FY23 Total 2,147,837 122,017 $ 182,331,885 > Over 2,200,000 square feet of new commercial uses* > $180,000,000 of new construction in the district * - Includes multi-family
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- 91. The Chamber Districts: Downtown ChapelHill Presented by: Matt Gladdek Chapel Hill Downtown Partnership
- 92. DOWNTOWN CHAPEL HILL E CO N O M I C D E V E L O P M E N T U P DAT E – J U N E 2 0 1 9
- 93. PARTNERSHIP UPDATES NEW EXECUTIVE DIRECTOR UNIFIEDVISIONSTRATEGIC PLAN MARKET DATA
- 94. NEW LEASES Retail • Dame’sChicken &Waffles – Fall 2019 • Gizmo Brewery – Not Announced • Peño – Fall 2019 • Perennial Coffee Move • Still Life – Fall 2019 • Curry Point – Fall 2019 • Pho Happiness - Open • Blue Spoon – Open • Philly Cheese Steak – Open • Chase Bank – Fall 2019 Office • Carolina Square – UNC Lease • Old Carolina Ale House
- 95. NEW PURCHASES • 137 E.Franklin St. – Grubb Properties – Almost 100,000 SF of available office space – $23.5 Million sale
- 96. FOR SALE 157 E.Franklin Street - $2.4 Million • Old Bub O’Malley Space • Opportunity Zone • .31 Acres
- 97. UPDATES • Parking – WallaceDeck Repairs & Expansion – Potential W. Franklin St. Deck • 140W. Plaza – Asana Improvements • Amity Station – In Development Agreement Process – ±300 Units – Community benefits
- 98. QUESTIONS? • MattGladdek • Executive Director • Chapel Hill Downtown Partnership • 919-381-7577
- 99. The Chamber Districts: Blue Hill– Dwight Bassett Downtown Chapel Hill – Matt Gladdek SEGMENT 2 QUESTIONS?
- 100.
- 101. The Chamber Jurisdictions: Town ofCarrboro Presented by: Annette Stone, Town of Carrboro
- 102. The Chamber Jurisdictions: Orange County Presentedby: Steve Brantley Orange County Economic Development
- 103. The Chamber Jurisdictions: Town ofChapel Hill Presented by: Dwight Bassett, Town of Chapel Hill
- 104. The Chamber Jurisdictions: Town ofCarrboro – Annette Stone Orange County – Steve Brantley Town of Chapel Hill – Dwight Bassett SEGMENT 3 QUESTIONS?
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Editor's Notes
- #83 Developer for Park Apartments will manage construction, with reimbursement from the Town MOU in place to address responsibilities of both developer and Town