orange county development briefing
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Orange County Development BriefingTRANSCRIPT
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Welcome to the Orange County
Development BriefingThursday, Oct. 23
Top of the Hill’s Great Room
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Our Breakfast Sponsor
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Our Gold Sponsor
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Our Silver Sponsor
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Our Bronze Sponsors
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Our Greening Sponsors
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Thank you to our 2014 Major Investors!
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Thank you to our 2014 Major Investors!
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Thank you to our 2014 Major Investors!
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Welcome to Our Newest Major Investor
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Thank you to our 2014 Major Investors!
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Join the Conversation
@carolinachamber#OCDB14
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#OCDB14
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Mark Zimmerman
Broker/OwnerRe/Max Winning Edge
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Orange County Development Briefing
The Residential Real Estate Market
October 23, 2014Mark Zimmerman
All data provided by Triangle Multiple Listing Service and 10K Research and Marketing
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2012 was a Good Year2013 was a Better Year
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2014 What a difference a year makes.
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2013
• Confident Trends• Good things up
– Closed Sales & Prices• Bad things down
– Days on Market, Inventory & Month’s Supply• Moving from Buyer’s to Seller’s Market
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But 2014 . . .What Happened to Our Momentum?
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SummaryTrends shifting in 2014
• Good things flattening or trending down– Closed sales and pricing
• Bad things flattening or trending up– Days on Market, Inventory & Month’s Supply
• But there’s another troubling trend– Orange is faring much worse
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Summary 2014 YTD vs YA
Closed Sales
Ave Sales Price
Inventory Month’s Supply
Triangle +3.6% +3.8% -15.8% 5.9 ( 4.7
Durham +3.4% +4.1% -29.3% 5.2 ( 3.5
Chatham +5.7% +3.8% -6.1% 8.6 ( 7.1
Orange -15.5% -0.4% +5.1% 6.0 & 7.1
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Why?
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2014 YTD New Construction SalesGrowing Everywhere Except Orange
vs. YA % Total Sales
Triangle +4.7% 19.4% & 19.6%
Durham +4.9% 15.9% & 16.1%
Chatham +16.6% 28.6% & 31.5%
Orange -52.2% 13.7% ( 7.7%
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New vs Resale Closed SalesSept, 2014 YTD
New20%
Resale80%
Triangle
New8%
Resale92%
Orange County
New31%
Resale69%
Chatham County
New16%
Resale84%
Durham County
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Why?
• We are no longer as competitive– Aging inventory– High price of entry– Higher cost of living– Neighbors are improving quality of life
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2014 Momentum Has Slowed
In Orange, it has Shifted
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Dwight Bassett
Economic Development OfficerTown of Chapel Hill
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1 2
3
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> Developments in Chapel Hill
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University Square- Moving toward construction –
> 300 Residential Units> 210,000 SF Office> 75,000 SF Retail
1
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___
New tool for Economic Development - Development Agreement -
___
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Glen Lennox- Approved –
> 1,500 Residential Units> 600,000 SF Office> 150,000 SF Retail> 150 Hotel rooms
2
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Obey Creek- in consideration –
120 acres with a potential of 35 developed
> 600 Residential Units> 375,000 SF Office/Civic> 350,000 SF Retail> 130 Hotel rooms
3
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___
By-right and traditional rezoning
___
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Ephesus-Church/Fordham- Approved -
> 1,000 Residential Units> 350,000 SF Office> 250,000 SF Retail> 150 Hotel rooms
4
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Edge Development(Eubanks Road)
- in consideration –
> 400 Residential Units> 100,000 SF Office> 120,000 SF Retail> 150+/- Hotel rooms
5
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Central West (Small Area Plan)
- Approved –
6
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Project Office Retail Residential * Units
123 W Franklin 120,000 55,000 240,000 300
Glen Lennox 600,000 150,000 1,200,000 1,500
Obey 225,000 400,000 560,000 700
Eph-Ford 350,000 250,000 800,000 1,000
Edge 100,000 120,000 320000 400
Central West 40,000 20,000 140000 175
TOTAL 1,435,000 995,000 3,260,000 4,075
* = average 800 SF per
Future Development
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Now comes….
Economic Development!
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Open.
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Open.: Business: Livability and Lifestyle: Education: Innovation and Entrepreneurship
Web s
ite
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Marketing:
1. Focus on sponsorship of regional events related to development and real estate.
2. Participate in regional organizations like; Urban Land Institute, Triangle Commercial Association of Realtors, and NAIOP
3. Expand marketing to continue to change perceptions of our market.
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___
T hank you!
___
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Craig Benedict
Director of Planning, Inspections and Public Transportation
Orange County
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ORANGE COUNTYPLANNING
INSPECTIONSENGINEERING &
ORANGE PUBLIC TRANSIT
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County Uses of Article 46 Sales Tax Since 2011
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Econ. Dev. Uses of Article 46
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Proposed Econ. Dev. Uses for FY 2012-2013
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Elise Kohn
Senior Advisor and Program DirectorNorth Carolina Next Generation
Network (NCNGN)
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http://ncngn.netDRAFT
Orange County Development Briefing
October 2014
Project Update
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http://ncngn.net
Collaborating Municipalities and Universities
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http://ncngn.net
Key goals and objectives of the RFP
• Create a gigabit fiber network to foster innovation, drive job creation, stimulate economic growth, and serve new areas of development in the community
• Use public-private assets to reduce the digital divide, enhance workforce knowledge and skills, promote economic development, enhance access for anchor institutions, and serve other targeted purposes
• Provide high speed internet at a substantial discount from current market prices
City Top Speed Price/mo. Provider
Kansas City 1 Gbps $70 Google
Austin 1 Gbps $70 AT&T, Google
NCNGN Cities 50 Mbps $65 (1yr promo rate) TWC
NCNGN residents pay the same or more for connections 5% as fast
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http://ncngn.net
KC MN Wilson NC (TWC) NC (ATT) $-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
Low TierMid-tierHigh Tier
45 – 60 Mbps15 – 20 Mbps
1 Gbps
Triangle and Triad broadband users pay more for less
3 - 5 Mbps
Cost ($ / Mb) of lowest, highest, and mid-speed broadband tiers
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http://ncngn.net
Initial announcement spurs competitive offers
Kansas City
March 2011 – Google announces
plans to build
November 2012 – Google Fiber live in first neighborhoods
December 2012 – TWC announces 100Mbps
service only in KC
April 2013– Google announces plans to build
April 2013 – AT&T announces similar plans
just hours later
April 2013 – TWC announces plan to
speed up deployment of WiFi hotspots
December 2013 – AT&T begins
offering 300Mbps service with free
upgrade to 1Gbps in 2014
Austin
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http://ncngn.net
2014 local announcements to date
February: Triangle being considered for
Google Fiber
March: RST Fiber planning gigabit
services for Triangle
April – June: NCNGN cities approve agreements for
AT&T Gigapower
July: TWC planning to upgrade Raleigh
Metro to TWC Maxx (300 Mbps)
Today: Frontier planning Gigabit service
in Durham
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http://ncngn.net
What about the specifics?
• AT&T: Majority of build-out expected in 2015 – 2016
• Residential tiers up to 1 Gbps symmetrical
• Pricing TBA
• Google Fiber: Decision about deployment expected by end of year
• Additional timing and pricing details TBD
• TWC: Upgrades begin in 2015
• All speed tiers will be adjusted; current customers can expect free upgrades (e.g. 15 Mbps standard 50 Mbps standard; max = 300 Mbps)
• Frontier: TBA
• Service expected to be limited to Durham
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http://ncngn.net
Overview of agreement with AT&T
• No cost to local municipalities or universities
• No set build-out requirements or price targets
• Community benefits:
• Up to 100 community centers will receive free gigabit service for 7 years
• Up to 10 low income MDUs will receive 3 Mbps service for 5 years
• All Chapel-Hill Housing Authority MDUs count as 1 MDU
• Up to 100 multi-tenant office buildings pre-wired with fiber and electronics
• Cities agree to try to make municipal processes more efficient (vendor-neutral) and memorialize existing practice of treating similarly situated vendors alike
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http://ncngn.net
Next Gen Network: Opportunity to shape the future
• Next gen networks = foundation for continued virtuous cycle of innovation and economic development
HIGHLY-SKILLED,
EDUCATED WORKERS
INNOVATIVE APPLICATIONS
AND PRODUCTS
SUCCESSFUL BUSINESSES
One of the greatest benefits available today is the opportunity to shape and lead in in the economy tomorrow
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http://ncngn.net
UTOPIA≥$300
Kansas City, KS & MOGoogle
$70Bristol, TN
Lafayette, LA$1,000
Chattanooga, TN$300
Orono, MEGWI$140Burlington, VT
$150 – 200
Cedar Falls, IA~$270
Minneapolis, MNUS Internet
$115
Seattle, WACondoInternet
$120 (MDU only)
Sebastopol & SF, CASonic.net (pilot)
Bristol, VA
Tullahoma & Clarksville, TN
≥$300
Monroe County, INSmithville
$394
Issaquah, WAHighlands Fiber Network
$200
SF Bay Area, CAPaxio$139
Chicago, ILGigabit Squared
Lansing, MIDTN Management
(MDU only)
Other communities in the gigabit game Feb. 2013
Pricing for stand-alone residential internet service with download speeds up to 1 Gb. May exclude additional charges for taxes, equipment, or other fees.
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http://ncngn.net
Other communities in the gigabit game now
LEGEND
Res. GB service <$160 mo.
Limited coverage or res. service > $160/mo.
Planned Res. Gb service
Recently issued or announced plans for RFI/RFP or Google Study
AustinGoogle , AT&T
Grande$65 - 100
Chattanooga$70
Wilson$155
OronoGWI$140Burlington
$150 – 200Springfield
Vtel$35
MinneapolisUS Internet
$115
SeattleCondoInternet
$120 (MDU only)
Sebastopol & SFSonic.net (pilot) Provo
Google$70
UTOPIA≥$65
Kansas City, KS & MO+ 16 others
Google$70
OmahaCenturyLink
(pilot)$150
Pricing for stand-alone residential internet with download speeds up to 1 Gbps. Prices as advertised on provider websites or other publicly available sources as of 12/11/2013. May exclude additional charges for taxes, equipment, or other fees. Does not reflect plans for Anchorage, AK and cities throughout NC announced by GCI and RST Fiber, respectively.
Hattiesburg + 8, MSC-Spire
$80
Carbondale, ILFrontier
Longmont$50
Smithville & La Grange, TX
LiveAirNetworks$75
SF Bay AreaPaxio$139
Las VegasCenturylink
$150
ChicagoAT&T
College Station
Los Angeles
Louisville
LansingDTN Management
(MDU only)
Dallas/ Ft. WorthAT&T
TampaBright House
SummervilleHome Telephone
CincinnatiCincinnati Bell
Portland
Salt Lake City
Phoenix
San JoseAT&T
San AntonioAT&T
AtlantaAT&T
Nashville
CharlotteAT&T
Raleigh-DurhamAT&T
St. Louis, MOAT&T
HoustonAT&T
MiamiAT&T
Winston-Salem/Greensboro
AT&T
JacksonvilleAT&T
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http://ncngn.net
How can we further distinguish the region?
• Create/utilize civic infrastructure needed to help region take advantage of gigabit networks
o Accelerate gigabit applications
o Digital inclusion
• Consider how networks can advance other regional priorities
• Promote availability of networks at specific properties and across the region
• Continue to foster local competition among providers
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Jack Smyre
The Design ResponseLloyd Farm
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Lloyd Farm
The Design Response
Jack L. Smyre, PE, AICP
Orange County Development BriefingOctober 23, 2014
Carrboro, NC
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*
Vicinity Map
Site
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Market Area West
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Area Map
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Illustrative Site Plan
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Charettes – Nov/Dec 2011
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U-shaped retail w/ one-stop parking
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Lloyd Farm – Plaza AreaApproximate size 0.37 AC
Compared with the Weaver Street Market lawn @ 0.30 AC & the Southern Village Lawn@ 0.56 AC
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Retail Plaza – Lot 1View from Public Street
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Retail Plaza – Lot 1View from Parking Lot
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Oak GroveApproximate size 0.50 AC
Existing tree stand with lawn.
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Oak Grove
Approximate size 0.30 AC
Existing oak tree stand near former homestead location.
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Illustrative Site Plan
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Site Cross Section
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Enlargement Showing Apartments
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Apartments at Lloyd FarmView from Hwy. 54
Image by Risden McElroy
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Apartments at Lloyd FarmView from James Street
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Apartments at Lloyd FarmView from Merchants Way
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Pedestrian Access & Circulation
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Community (Town/County) Benefits• Shopping and employment center with low impact on local roads
• Sales tax revenue for Orange County
• $90M - $100M addition to the property tax base
• $1.1M Affordable housing payment-in-lieu (15% of base units)
• $400K in school impact fees
• Extension of bike / walk system between West Main Street and Old Fayetteville Road
• Diverse sustainable housing w/decked parking on small footprint
• Mixed-use center with 30% preserved open space
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Illustrative Site Plan
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The Graduate
Jay PatelWintergreen Hospitality
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Village Plaza Apartments
Lee PerryEast West Partners
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Orange County Development Briefing 2014
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Building Plans
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Building Plans
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Building Plans
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Building Plans
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The Edge
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The Edge
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The Edge
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The EdgeAddress: 3000 Eubanks RoadDeveloper: Northwood Ravin Property owner: Park West Investors, Morris IV Acres: 53.8Buildings: 18 to 24 buildings, 44 to 90 feet tallResidential: Between 400 and 700 units Affordable housing: 50 units proposedCommercial: Between 140,000 and 416,000 square feetOffice: Between 60,000 and 270,000 square feetOpen Space: Village Square and two greenway trails Hotel: up to 250 roomsZoning: Mixed-use Office/Industrial, Mixed-Use ResidentialCurrent property value: Roughly $3.1 millionProjected Post Development Value: $100+ million
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Q&AFacilitated by Aaron Nelson
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Life In The Fast Lane:High Speed Fiber in the Triangle
7:30-10:00 a.m., Thursday, Nov. 13 at DoubleTree in RTP
Tweet: #TriFiber Register: bit.ly/TriFiber
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Business Hall of Fame Gala6:30-9:30 p.m., Nov. 13 at The Carolina Inn
Tickets and information: carolinachamber.org/halloffame
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Celebrating the Pillars of Our Community
Susie & Bynum Weaver Al Pons Eunice Brock
Bob Nutter Mary & Maurice Julian Sandy McClamroch
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Come to a unique Business After Hours,co-hosted by The Carolina Inn and Chapel Hill Magazine.Purchase a table display and get your brand out there!
Business After Hours & Mini Expo5:30-7:30 p.m., Nov. 20 at The Carolina Inn
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Salute to Community Heroes 6:00-8:00 p.m., Dec. 11, at University Mall
Nominate Your Hero!• Citizen of the Year• Town & Gown Award• Jim Gibson Volunteer of the Year• Irene Briggaman Lifetime
Achievement Award
Nominations due Nov. 19carolinachamber.org/salute
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Early Voting Begins TodayNC State Board of Elections: www.ncsbe.gov
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Early Voting Begins Today
More info: www.ncsbe.gov
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Thank you, briefing sponsors!