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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
[
Economics
     Chapel Hill
    of
                   ]
[         available in its original form at:
www.townofchapelhill.org/economic_development
                          or
             www.opentobusiness.biz            ]
 All information provided in this presentation is
[ Council Study Committee 2006 ]

                                   “Chapel Hill is     Why
                                   close to being      Economic
                                   built out, we       Development?
                                   need to
                                   maximize future
                                   opportunities for
                                   revenue.”
[ Tax Base ]

               40%   Durham
               35%   Raleigh
               25%     Cary
               16%   Chapel
                       Hill
[ Office Market ]
1,600,000   1,494,859


1,400,000



1,200,000



1,000,000



 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
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
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
Retail Development   ]
[ 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
[ Housing ]                                                      Chapel Hill –
                                                                 $388,000




                                       [ Average Sales Price ]
                                                                 Cary – $315,000



                                                                 Raleigh – $237,000

                                                                 Durham – $192,000




Average sales price for-sale housing                                       MLS - 2012
[ Housing ]

 321                to      463
Annual housing permits demand for next 10 years
[ Housing ]

581 – 817
demand for market rate rental units – 2009- 2014




    Including 336 - 431 units of affordable rental housing
[ Housing needs ]
[ Ephesus Church- Fordham SAP ]


                                         Residential
                                         Units
                                         1,084 +/-




                           Office
                           368,000 +/-


              Hotel
              280,000+/-
Retail
258,000 +/-
March Member Meeting -- Voices Matter: Economic Development & Land Use
[ 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
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
[ 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 Guarantees
[ 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
[ 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
PROPOSED Downtown Framework and Action Plan




   [ Compact, Anchored
                 Connected,
                                                              ]



                                            and
                                                  Green
Keep downtown Compact and
walkable but identify new
development opportunities

Improve Connections
…cars, buses, peds and bikes

Develop parking and visitor
facilities to Anchor
downtown and deliver
customers

Create new Green public
space and advance
environmental and financially
sustainable development
practices
March Member Meeting -- Voices Matter: Economic Development & Land Use
March Member Meeting -- Voices Matter: Economic Development & Land Use
[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
Retail= 500,000 – 1,000,000
Office= 1,000,000
Housing= 4,600 new housing
units
     =Reduced
     Residential property tax demand
     in the future
[   Current Projects:       ]
•   Rosemary Imagined
•   Marketing
•   Economic Analysis for new Rezoning/SUPs
•   Ephesus Church-Fordham Implementation
•   Housing Study
•   Development Agreement framework
March Member Meeting -- Voices Matter: Economic Development & Land Use
[
Economics
     Chapel Hill
    of
                   ]
[ ]
 ?

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

  • 4. [ Economics Chapel Hill of ]
  • 5. [ available in its original form at: www.townofchapelhill.org/economic_development or www.opentobusiness.biz ] All information provided in this presentation is
  • 6. [ Council Study Committee 2006 ] “Chapel Hill is Why close to being Economic built out, we Development? need to maximize future opportunities for revenue.”
  • 7. [ Tax Base ] 40% Durham 35% Raleigh 25% Cary 16% Chapel Hill
  • 9. 1,600,000 1,494,859 1,400,000 1,200,000 1,000,000 800,000 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
  • 10. 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
  • 11. 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
  • 13. [ 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
  • 14. [ Housing ] Chapel Hill – $388,000 [ Average Sales Price ] Cary – $315,000 Raleigh – $237,000 Durham – $192,000 Average sales price for-sale housing MLS - 2012
  • 15. [ Housing ] 321 to 463 Annual housing permits demand for next 10 years
  • 16. [ Housing ] 581 – 817 demand for market rate rental units – 2009- 2014 Including 336 - 431 units of affordable rental housing
  • 18. [ Ephesus Church- Fordham SAP ] Residential Units 1,084 +/- Office 368,000 +/- Hotel 280,000+/- Retail 258,000 +/-
  • 20. [ 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
  • 23. [ Land Use and Zoning Tools ] • Create a New Redevelopment Zoning District
  • 24. [ Financing Tools ] • Municipal Service District • Special Assessment District • TIF/Synthetic TIF • Revenue Bonds • Loan Guarantees
  • 25. [ 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
  • 26. [ 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
  • 27. PROPOSED Downtown Framework and Action Plan [ Compact, Anchored Connected, ] and Green Keep downtown Compact and walkable but identify new development opportunities Improve Connections …cars, buses, peds and bikes Develop parking and visitor facilities to Anchor downtown and deliver customers Create new Green public space and advance environmental and financially sustainable development practices
  • 30. [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
  • 31. Retail= 500,000 – 1,000,000 Office= 1,000,000 Housing= 4,600 new housing units =Reduced Residential property tax demand in the future
  • 32. [ Current Projects: ] • Rosemary Imagined • Marketing • Economic Analysis for new Rezoning/SUPs • Ephesus Church-Fordham Implementation • Housing Study • Development Agreement framework
  • 34. [ Economics Chapel Hill of ]
  • 35. [ ] ?