|Volume 4, Issue 4
The Real Estate Report
Local Government News Impacting the Real Estate Industry
UNC Plans Hospital in Hillsborough
UNC Health Care has filed for permission to build a 68-bed hospital in the Waterstone Economic Development District just south of Hillsbrough. UNC Hospitals main campus has 725 beds at its main facility and is running close to capacity. The move to Hillsborough would help alleviate some traffic congestion on campus and expand the hospital’s capacity to serve its patients.The project is estimated at $227 million. While the purchase of land by UNC would remove some land from the property tax rolls, the hospital could draw in new medical related businesses to the Waterstone Economic Development District that has been stagnant for some time. For the full story from the Triangle Business Journal, click here.
Plans for Hotel at Southern Village Dropped
DR Bryan, developer of Southern Village in Chapel Hill, dropped plans for a 90-100 room hotel originally planned for the central business district of that neighborhood. It was hoped that the hotel would bring new shoppers and customers to the village businesses but the plan ran into opposition from the neighbors. Instead of building the hotel, Bryan plans to aggressively market village businesses this summer and help capture greater sales from visitors to nearby Southern Community Park. For the full story from the News and Observer, click here.
Greenbridge Builders Propose Property Tax Freeze
East Chapel Hill High School Principal Dave Thaden announced his retirement in mid-April. Thaden has served as principal for thirteen years and has worked in the Chapel Hill-Carrboro School district for another 17 years in various positions. Thaden cited health issues as part of the reason for his decision to step down. For the full story from the Carrboro Citizen, click here.
Schools Considering Major Cuts
The Chapel Hill-Carrboro City School Board is considering major cuts in the district’s budget due to reductions in funds from Orange County and the State. Next year’s budget incorporates $700,000 in budget cuts but according to Superintendent Neil Pedersen, it may need to be cut by $4 million. Cuts are targeted at arts, music, physical education, the world language program and teachers for the academically gifted. For the full story from 1360AM WCHL, click here.
Transfer Tax Issue Resurfaces
Almost one year after voters smashed the transfer tax at the ballots, Orange County Commissioners voted on a resolution stating, “support for the ability of all local governments to apply impact fees and/or taxes and to implement real estate transfer fees and/or taxes.” Should the State Legislature approve new revenue options for the County, including a transfer tax increase, the Commissioners could enact the fee without local voter approval. Commissioner Steve Yuhasz was the lone opposition to including the transfer tax in the Board’s legislative priorities list. For the full story from the Chapel Hill Herald, click here.
Downtown Partnership Hires New Executive Director
The Chapel Hill Downtown Partnership has hired a new executive director to replace former director Liz Parham. Jim Norton, current president of Tulsa (OK) Downtown Unlimited, will start at the Partnership on June 1. Norton has served as president of Downtown Unlimited for nearly 20 years and chaired a statewide effort in Oklahoma to approve tax increment financing and advocated for residential development in the downtown. For the full story from the Daily Tar Heel, click here.
Unemployment Down in County
Chapel Hill Town Council Adopts Improved Parking Regulations
Further, Town parking lots (Lots 2, 3, 4, 5) will be renamed to more geographic names giving people a better sense of their location and when combined with new, improved signage should make it easier to locate parking downtown. The Council also asked the Town Manager to review the impact of potentially making parking free in Town lots after 6pm and increasing on-street meter rates by $.25 per hour to offset the difference. Other changes include the following: developing a parking board to oversee policy and parking operations for the Town, move toward unified payment systems for all parking, evaluate event parking fees, work to add additional public parking using private lots, and begin planning for the future needs of parking.
IFC and Carrboro Merchants Begin Dialogue
New LED Lights Installed in Downtown Chapel Hill
County Economic Developer Working on Solar Cluster
County Looking to Sell Surplus Buildings
Sustainable Community Visioning Task Force Receiving Applications
Chatham Gearing Up for Mixed Drink Referendum
Supporters and opponents of mixed beverage sales in Chatham County are preparing for a show down at the ballot box on May 5. The vote will determine whether Chatham County will allow businesses to sell mix drinks, something supporters say would be an economic boon to the county. Supporters also point out that DWI arrests in dry communities such as Asheboro are higher than in Greensboro or High Point, which allow mixed drink sales. Opponents say the sale of mixed drinks will lead to more alcohol-related vehicular accidents. For the full story from the Herald Sun, click here.
More Development Eyed at Southpoint
Local Option Sales Tax Clears House
New Commercial Tenants Leasing Smaller Spaces
From Grubb and Ellis “Weekly Market Insight” The Real Estate Report is produced monthly by the Chapel Hill Chamber of Commerce and the Greater Chapel Hill Association of Realtors