The document is a program for the 2013 Orange Chatham Development Briefing. It includes an agenda with presentations on residential and commercial real estate market trends, economic development projects like Morinaga and Chatham Park, and downtown development in Hillsborough. Sponsors and community partners who supported the event are recognized. The event provided information and updates on development initiatives across Orange and Chatham counties.
15. Orange-Chatham County
Development Briefing
The Residential Real Estate Market
September 11, 2013
Mark Zimmerman
All data provided by Triangle Multiple Listing Service
and
10K Research and Marketing
21. 2012 was a Good Year
2013 is a Better Year
• Sales up
• Prices up
• Days on Market down
• Inventory down
22. 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
32. 1st Half 2013 - Sales vs YA
New Construction
Triangle Orange Chatham
Total +28% +30% +29%
New +12% +63% +8%
Resale +32% +28% +40%
% New 19% 13% 39%
35. We Are Less Distressed
• TMLS distressed listings down
– -38% below YA
• Only 3% of Listings
– vs 5% YA
36. 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
78. 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.
79. 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.
80. Morinaga’s Investment Plans
Investment: $48 million
Employment: 90 - 120 jobs
Average Salary: $37,969
Annual Payroll: $3.4 million + Benefits
Building Size: 120,000 ft²
Type of Operation: Mfg. of “Hi-Chew” candy
Site 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.
81. 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
86. 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
95. 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
96. 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
97. 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
15-501
99. 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.
101. 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
102. Housing Market
For 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
103. Corbin Creek Woods
• 18 in-town lots
adjacent to the
Historic District
• Improves
walkability access
to 2 schools
104. Forest Ridge
• Lots sizes
ranging from
Townhome to
13,000 sf+
• Across US 70 A
from SportsPlex
• Walking access
to Speedway &
downtown via
Riverwalk
105. 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
106. 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.
107. 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.
108. 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
110. 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.
111. 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
112. 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.
After years of buyers market, 6 months supply in C & O at end of 2nd Qtr 2013
Glen Lennox NeighborhoodGreat locationChallenges with current use and need for redevelopment
A dot for every meeting our team has come to Charlotte for a meeting regarding Glen Lennox. Doesn’t include our internal meetings, including two charettes - 4.5 million capital improvements program2006 – Decision to move forward with redevelopment