1. Economic Development Goal Statements Focus on locally grown and/or oriented businesses. Develop educational and employment opportunities to expand workforce skills and reduce commuting. Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan. Maintain an open and collaborative relationship with the University. Maintain a community character that promotes economic vitality, environmental protection and social equity. Welcome green and ecologically sound businesses and developments.
2. Economic Development Goal Statements Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan.
3. Economic Development Council Goals: Increase absorption in the Office Market by 30,000SF. - Web portal (opentobusiness.biz) with market search tool for availablespace. - Targeted marketing to select businesses for office space. Grow the retail market by guiding developments in key areas. - Working to guide projects like Eubanks Road development (Edge) (450,000 +/- SF) - Growth opportunities through redevelopment Ephesus Church – Fordham Small Area Plan (200,000 +/- SF)
7. Office Market Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan.
8. Office Market > 2.2 million square feet of available office space. > 1.7 million square feet of the space in buildings of 10,000 SF and greater. > Approximately 30% vacant.
9. Office Market > Currently absorb 70,000 SF per year. >Grow to 100,000 by increasing our regional percent by 1. (We current have about 5% of the regional market share.)
11. Office MarketGrowing our Market Recommendations from Office Market Study: More business friendly. Join regional agencies. Compete with adjacent communities. Development Review and related issues. (Short-term related to expansion and retention of businesses in centers with existing SUPs.)
12. Housing Market Maintain a community character that promotes economic vitality, environmental protection and social equity.
13. Housing Market Housing Supply • The median sales price of a for sale housing unit was $323,300 in 2010, higher than Cary ($269,960), Raleigh ($185,000) and Durham ($164,000). • Chapel Hill has experienced rapid growth in home prices. In 2000, the median sales price for a single family home in Chapel Hill was $287,000. Just 6 years later, the median sales price was $425,000 - an increase of 45%.
14. Housing Market Housing Demand • Population and employment growth will drive continued housing demand within the market area. • There should be enough demand to justify as many as 28,192 units in the Chapel Hill HMA from 2011 - 2015.
15. Housing Market Housing Demand • There will be sufficient demand for 321-463 housing permits annually in Chapel Hill for the next 10 years. • There is an estimated demand for 581 - 817 market rate rental units between 2009-2014, including 336 - 431 units of affordable rental housing.
19. Ephesus Church – Fordham Small Area Plan Development Summary: Retail +/-258,000 Square Feet Office +/-368,000 Square Feet Residential Units +/-1,084 Units Hotel +/-280,000 Square Feet
20. Ephesus Church – Fordham Small Area Plan Traffic improvements include: > Extension of Elliott Road across Fordham > Realignment of Ephesus Church to Elliott Rd extension > Extension of Legion Road to Fordham Blvd > Access improvements: - Disconnect southern leg of western service road at Ephesus - Consolidate number of parking aisles on Ephesus Church Road going through Eastgate Shopping Center - Limit Ram’s Plaza and car dealership entrance on Ephesus to right in and right out > Connectivity improvements: - New road behind Staples and Village Plaza connecting to Elliott Road - New internal roads in Rams Plaza - New road by Hampton Inn connecting to Legion Road - New road connecting Legion Road extension to realigned Elliott extension- Ephesus Church Road
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22. Ephesus Church – Fordham Small Area Plan Next Steps: 1) Create zoning tools to help encourage redevelopment. 2) Move forward with further evaluation of transportation/transit solutions for the district. 3) Work to organize the area for future conversations based around planned and conceptualized improvements. 4) Seek alternatives to finance improvements based on engineering work and other public improvements.
23. Economic Development Other things: Retail Development Strategy (2011) Housing Study Internal Review of the Development Process – new Development Review software Review of LUMO Council passed text-amendment for Medical Office Council passed text-amendment for ground signs in shopping centers.
24. Economic Development Marketing Chapel Hill: Ads in Chapel Hill Magazine Quarterly mailers to new corporations in the Triangle region. E-news Short commercials on WCHL Beginning targeted mailers for industry specific businesses for office market. New web portal (9/2011) opentobusiness.biz
28. Economic Development Goal Statements Focus on locally grown and/or oriented businesses. Develop educational and employment opportunities to expand workforce skills and reduce commuting. Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan. Questions? Maintain an open and collaborative relationship with the University. Welcome green and ecologically sound businesses and developments. Maintain a community character that promotes economic vitality, environmental protection and social equity.