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Welcome to the
2013 Orange ChathamDevelopment Briefing
Presented by
If you’re tweeting this event, use #OCDB13 as a hashtag
Breakfast Sponsor
Gold Sponsors
Silver Sponsors
Bronze Sponsors
Greening Sponsor
2013 Community Champions
2013 Community Investors
2013 Platinum Sponsors
2013 Gold Sponsors
2013 Gold Sponsors
Our Newest Gold Master Sponsor
Orange-Chatham County Development Briefing
The Residential Real Estate Market
September 11, 2013Mark Zimmerman
All data provided by Triangle Multiple Listing Service and 10K Research and Marketing
2012 Through 2013Do We Have Momentum Yet?
25
25 15
25 15 21
25Triangle
15OrangeCounty
21ChathamCounty
Consecutive Month Sales Growth Increase vs YA
2012 was a Good Year2013 is a Better Year
• Sales up• Prices up• Days on Market down• Inventory down
Bye, Bye Buyers Market
• Market Back to Equilibrium or Better– 6 months supply in Chatham
• vs 8 months YA
– 4 months supply in Orange• vs 6 months YA
Triangle Strong
Orange, Too.
And Chatham
Moving Through Inventory
Selling Faster, For More
Moving Through Inventory
Selling Faster, For More
Moving Through Inventory
Selling Faster, For More
1st Half 2013 - Sales vs YANew Construction
Triangle Orange Chatham
Total +28% +30% +29%
New +12% +63% +8%
Resale +32% +28% +40%
% New 19% 13% 39%
1st Half, 2013 Sales by Price
23%
42%
22%
14%
Orange County Price Points
0-200
200-400
400-600
600+
21%
50%
23%
6%
Chatham County Price Points
0-200
200-400
400-600
600+
Detached vs Condo/Townhouse1st Half 2013
72%
28%
Orange County
DetachedMulti
91%
9%
Chatham County
DetachedMulti
We Are Less Distressed
• TMLS distressed listings down – -38% below YA
• Only 3% of Listings– vs 5% YA
2013 Momentum Has Shifted
• Sales, Prices up• Inventory, Days on Market down
• Showings, Pendings Remain Strong
• Moving to a Seller’s Market• Coming Shortage of New Construction
2013 Momentum Has Shifted
COMMERCIAL REAL ESTATE
MICHAEL CLAYTON, OWNER, BIC
MARKET TRENDS FOR COMMERCIAL REAL ESTATE IN
ORANGE COUNTY
Overview of:
2012 4th Quarter Comparison;
Commercial Real Estate Categories, i.e. Office,
Retail, Industrial, & Flex Space;
Vacancy Rates & Pricing by Category;
Trends in Commercial Real Estate Vacancy,
Pricing, & Concessions
2012 4th Quarter
Review Source: The KARNES Report
Office – Orange County
Retail – Orange County
Industrial – Orange County
Market Overview
2nd Quarter 2013
Sources: The KARNES Report, Loopnet
Office
The Willowcrest Building
Vacancy Rates & Pricing
Office – Orange County
Vacancy Rates & Pricing
Office – Orange County
Vacancy Rates & Pricing
Office – Chapel Hill
Retail140 West Franklin
Vacancy Rates & Pricing
Retail– Chapel Hill
Vacancy Rates & Pricing
Retail– Hillsborough
Vacancy Rates & Pricing
Retail– Chapel Hill
Vacancy Rates & Pricing
Retail– Chapel Hill
Vacancy Rates & Pricing
Retail– Hillsborough
Industrial/Flex Space
Chapel Hill Industrial Park
Vacancy Rates & Pricing
Industrial – Orange County
Vacancy Rates & Pricing
Industrial – Orange County
Development Briefing:Chatham County
Brian BockVice Chair
Chatham County Board of Commissioners
Powerpoint prepared by: Dianne Reid, PresidentChatham Economic Development Corporation
PRESENTATION OVERVIEW
Background and Context for Focus on Commercial and Industrial Development in Chatham County Conceptual Land Use Plan
Recent Projects
Major Proposed Developments
BACKGROUND AND CONTEXT
Basic Facts:
• 709 Square Miles• Population: 63,564• Median Household Income: $55,424• Current Unemployment Rate: 6.1% (July 2013)
BACKGROUND AND CONTEXT
Chatham County as Bedroom Community:
• 55 percent of resident labor force commutes to other counties for work• $0.64 of every consumer dollar is spent in other counties
BACKGROUND AND CONTEXT
Tax Base
Residential $6.5 Billion 77.13%
Present-Use $1.2 Billion 13.92%
Commercial $0.6 Billion 7.49%
Industrial $0.1 Billion 1.46%
Other $0.0 Billion 0.00%
$8.4 Billion 100.00%
BACKGROUND AND CONTEXT
Cost of Community Services Study (2007)
Residential $1:$1.14
Commercial $1:$0.33
Farmland $1:$0.58
CONCEPTUAL LAND USE PLAN
RECENT PROJECTS
RECENT PROJECTS
RECENT PROJECTS
RECENT PROJECTS
MAJOR PROPOSED DEVELOPMENTS
MAJOR PROPOSED DEVELOPMENTS
Approved Commercial and Office Space on 15-501 Corridor
•510,000 SF- Briar Chapel•125,000 SF – Polks Village•348,500 SF – Williams Corner•81,000 SF – Fearrington Place
MAJOR PROPOSED DEVELOPMENTS
Proposed Industrial, Commercial and Office Space
•Moncure Megasite•Chatham-Randolph Megasite•Chatham Park
CHATHAM-RANDOLPH MEGA SITE
CHATHAMPARK
Contact
Dianne Reid, President Brian Bock, Vice Chair
Chatham Economic Chatham County
Development Corporation Board of Commissioners
[email protected] [email protected]
919-542-8275 919-533-9807
ORANGE COUNTY ECONOMIC DEVELOPMENT
Steve Brantley
Morinaga & Co., Ltd.
• 114-yr old company; founded in 1899 in Tokyo, Japan. • American subsidiary is based in Irvine, CA.• World-class confectionary & candy maker with nearly
$2 billion in annual global sales. • Has over 40 product lines.• Asia’s equivalent to a Hershey’s, Mars or Nestle; & ranks
equal to Kellogg Company in sales.• #1 candy company in Japan.• Japan is the world’s 2nd largest
confectionery market.
Recruitment of Project Rainbow
Recruitment began in February 2012
• Competition: Toronto, Portland OR, Philadelphia PA, Richmond VA, Atlanta GA, & 18 sites in 12 N.C. counties.
• Company made 11 visits to Orange County (including Chairman Gota Morinaga & President Toru Arai).
• Interstate visible site became a criteria during 3rd visit.
• BOCC held 3 closed session meetings to discuss the project.
• Governor McCrory & N.C. Department of Commerce’s Secretary Sharon Decker met company twice in 2013.
• January 2013 - Orange County & Atlanta became finalist sites.
• September 3, 2013 - Morinaga selected Orange County.
Morinaga’s Investment Plans
Investment: $48 millionEmployment: 90 - 120 jobsAverage Salary: $37,969Annual Payroll: $3.4 million + BenefitsBuilding Size: 120,000 ft²Type of Operation: Mfg. of “Hi-Chew” candySite Size & Location: 21 Acres (Buckhorn EDD)
The Company has not committed to making any additional investment at this time. However, an expansion of equal size may eventually occur, since the site acreage is large enough to allow for the facility to double.
Key Recruitment Partners
• Orange County Board of County Commissioners Manager’s Office Economic Development, Planning & Inspections Visitors Bureau, Public Affairs
• City of Mebane• NC Department of Commerce• NC Department of Transportation• Durham Technical Community College• InSpec Group
Hi-Chew
Bag & Stick Varieties
Hi-Chew
Site Photo
Planned Infrastructure to Site
Our Morinaga Success Story:• Highlights Orange County’s efforts to diversify our local
economy, tax base & employment opportunities.
• Creates more & better hi-tech jobs, with health & related employment benefits, for our residents.
• Demonstrates how the BOCC’s commitment to prepare our Economic Development Zones with utilities, zoning, incentives, & thoughtful use of the ¼ cent sales tax for economic development, has proven to be a winning formula for the long term.
• Highlights the public’s commitment to economic development by way of passage of the ¼ cent sales tax for economic development.
Conclusion
Chatham Park
Philip CulpepperConsulting Planner
Chatham Park
Chatham Randolph Megasite
Presentation by:NAT TAYLOR
Taylor & McChesney Commercial Properties
NC-54
US 15-501
Orange/Chatham Development Briefing
September 11, 2013
Process
Original Master Plan presented
2007
Community Forum
2008 2009 2010 2011 2012
Neighborhood Conservation District Petition Process
Glen Lennox Residents Meetings
NCD Development Committee Appointed
GP Vision Presentation #1
GP Vision Presentation #2
GP Vision Presentation #3
GP Vision Presentation #4
NCD Development Committee Meetings
Town Visioning Workshop
2013
NCD Approved (Rezoning)
Council Meetings on Dev Agmt
A for every meeting Grubb Properties participated in Chapel Hill meetings
Dev Agmt Technical Team Meetings
Guiding Principles
1. Value the history of neighborhood and the Glen Lennox apartment and commercial property
2. Preserve street network
3. Create & maintain open public space
4. Balance the new development with preservation of the trees and tree canopy
5. Keep a portion of the buildings
6. Transition and vary density and height of the buildings
7. Provide landscaped buffers for sensitive neighbors
8. Preserve Church of the Holy Family’s visibility and accessibility
9. Create an effective transportation strategy
10. Encourage community sustainability
11. Encourage and support community diversity
Concept Plan
Concept plan envisioned with community and created with careful attention to guiding principles
Master plan is a 50 year vision
Foresee multiple phases over 20 years
Phases based on market conditions and approval of transportation improvements. First phase likely to be at NC-54 & Hamilton Road
NC-54
15-501
Contact Rachel [email protected] ▪ 704.405.1638
Hillsborough – Happenin’ Again
Our Vision for Hillsborough is a
prosperous Town,
filled with vitality,
fostering a strong sense of community, which celebrates
and preserves
its unique heritage
and small-town character.
100
A few facts for those unfamiliar…
• Established in 1754 – County Seat
• 5.5 square miles of city limits, 9.7 square miles of total planning jurisdiction
• 6,584 population per 2007 state estimate
• 94 town employees
• Treats own water and wastewater for 5,000 customers
Housing MarketFor the first time in 5 years, the town will soon have 3 subdivisions under construction in the city limits.
–Corbin Creek Woods – 18 lots near Town Hall
–Forest Ridge – 233 single family homes across from the Triangle SportsPlex
–Waterstone – 139 single family homes and 128 townhomes
Corbin Creek Woods
• 18 in-town lots adjacent to the Historic District
• Improves walkability access to 2 schools
Forest Ridge
• Lots sizes ranging from Townhome to 13,000 sf+
• Across US 70 A from SportsPlex
• Walking access to Speedway & downtown via Riverwalk
Waterstone
• Single Family portion (green area) proposed to contain about 139 lots
• Adjacent yellow pod approved for 128 townhomes
• Pending sale to Ashton Woods expected to close upon SAD bond sales
• Star indicated UNC Health Care location
UNC Health Care in Waterstone
• Professional offices opened in August.
• Construction continues on the main bed wing that will have 68 beds & emergency department.
• Full service expected in 2015.
Waterstone S.A.D.
• Bonds are sold to fund infrastructure improvements.
• Create special assessment or tax district benefitted by improvements.
• Land owners within the district pay extra tax to retire the debt.
• Bonds are currently being marketed to fund remaining infrastructure. This investment will make all parcels in Waterstone development ready.
What’s in the pipeline?
• Orange Grove Road townhomes– Annexation and development plan for about
100 townhomes
• NC 57 business park– Creates 11 lots 1-3 acre parcels zoned for light
industrial development; utilities in place
109
Riverwalk II
• Construction on the 1.8 mile paved greenway connecting downtown to surrounding attractions will be underway near the end of September.
• The town is following-up with the design and construction of Phase III that will connect to the Occoneechee Speedway Trails.
Downtown Access Improvements
Partnering with NCDOT to improve pedestrian safety and access in downtown
– Removing some on-street parking
– Widening sidewalks
– Improving ADA compliance at intersections
Hillsborough – Happenin’ Again
Our Vision for Hillsborough is a
prosperous Town,
filled with vitality,
fostering a strong sense of community, which celebrates
and preserves
its unique heritage
and small-town character.
CODE STUDIOLee Einsweiler
Regulating Plan
Building Heights
New Streets
Types of Frontage
Wall Sign
Awning Sign
Canopy Sign
Projecting Sign
Crown Sign
Shingle Sign
Large Ground Sign
Upcoming Events
• Sept 17 - Hampton Inn Hotel Ribbon Cutting
• Sept 18 – Dollars & $ense: Researching the Tax Base
• 12 noon, Chapel Hill Public Library• 6 pm, Extraordinary Ventures
Thank you for attending the
2013 Orange ChathamDevelopment Briefing
Presented by
Breakfast Sponsor
Gold Sponsors
Silver Sponsors
Bronze Sponsors
Greening Sponsor
2013 Community Champions
2013 Community Investors
2013 Platinum Sponsors
2013 Gold Sponsors
2013 Gold Sponsors
Our Newest Gold Master Sponsor
View the entire presentation on SlideShare
SlidesShare.com/carolinachamber