|Volume 5, Issue 2
|The Real Estate Report
Local Government News Impacting the Real Estate Industry
Chatham County Development Briefing
Tuesday, March 9 8:00-10:00 a.m. at Governors Club
The Greater Chapel Hill Association of REALTORS, Chapel Hill-Carrboro and Chatham Chambers of Commerce, and the HBA of Durham, Orange, and Chatham Counties will host the fourth annual Chatham County Development Briefing at Governors Club on March 9 from 7:30-10am. This year’s event will focus on the status of residential and commercial projects as well as new and proposed policy changes affecting future development. Registration is $25 for Association members and includes a full breakfast and event materials. Click here or call Laura Morrison at 919-357-9989 to register. Sponsors include: AICPA, UNC Health Care, Duke Health Care, Blue Cross and Blue Shield of NC, Duke Energy, Performance AutoMall, 140 West Franklin, AT&T, Carolina Inn, Governors Club, The Siena Hotel, SunTrust, Greater Chapel Hill Association of REALTORS, Carolina Meadows, and Bagwell Holt Smith Jones Crowson, P.A.
New Development New Development Eyed Off Homestead Road Three development projects are being considered off of Homestead Road, in addition to a new homeless shelter. The first project is an apartment or condominium project on 31.5 acres of land just west of the Southern Human Services Center. In early February, Capstone Properties held a design charrette to get input from the public about the project and its design. Across the street from the Capstone project, a new townhome and office/retail project is also being considered. This project, called Bridgepoint, would include 23 townhomes and two office/retail buildings on 9.2 acres and could go before the town as early as April. The third project on Homestead Road is a proposed Episcopal church. The Episcopal Church of the Advocate is interested in building a 42,300 square foot project on Merin Road, further west from the two projects above. The first project on the site would be a 3,600 sq ft building but eventually the site would expand to include a welcome center, meeting space, a retreat center, outreach building, cottage and parsonage. For the full story from the Chapel Hill News, click here.
Carrboro Loses Harris Teeter Case
Walgreen’s Project Prompts Intersection Questions
County Schools Brace for Budget Cuts
Orange County School District Superintendent Patrick Rhodes says his district will have to figure out a way to “do better with less” in the coming year or two. For the upcoming fiscal year, state reductions are expected to total about $1 million. That figure will be offset by a $265,00 increase in local contributions. The school district will also need to increase its contribution to the state retirement system by $175,000 and health insurance contributions by another $90,000. All told, the county school district is looking at a $1.2 million district cut. For the full story from the News of Orange, click here.
Early Results from Office Space Study
Ernie Bleinberger, consultant to the Town of Chapel Hill, held a meeting to discuss preliminary results of an office market study on Friday, February 12. Bleinberger reported that office market in Chapel Hill is about 2.2 million square feet in size and that 1.7 million square feet is in buildings greater than 10,000 square feet while another 500,000 square feet is in buildings less than 10,000 square feet. Bleinberger noted that the local market is trending toward smaller product and that while most space in Chapel Hill is being listed at Class A prices, it would not pass as Class A space in Durham or Raleigh. In terms of the Chapel Hill market compared to the Raleigh and Durham markets, Bleinberger reported that Chapel Hill is about four percent of the overall Triangle market. Approximately 450,000 square feet of new office product has been approved in Chapel Hill but is not yet built.
From Staff Notes
Vacancy Rates Drop Downtown
Council Votes to Refer Tree Ordinance
Kinnaird Drops Push for Costco
County Commissioner Race Heating Up
Solar Company Opens in Orange County
State Officials Running Again
Property Group Declines Offer on Southpoint Mall
State and Nation
U.S. Senate Race Wide Open Three democrats have declared they will run against incumbent Senator Richard Burr, a republican. Burr is seeking his second term in office after being elected in 2004. Secretary of State Elaine Marshall, former NC Sen and Iraq War veteran Cal Cunningham, and Durham attorney Ken Lewis are all seeking to win the democratic primary and challenge Burr. Many political observers say this race is off the national radar largely because Burr has kept a fairly low profile in the Senate and because none of the Democratic challengers are very well known across the state. Marshall, for instance, is the only Democrat to have held statewide office. Senator Burr has a decisive lead in fundraising with over $4.3 million on hand, while his Democratic challengers each have less than $300,000. The democratic primary will be held on May 4 this year. For the full story from the Daily Tar Heel, click here.
The Real Estate Report is produced monthly by the Chapel Hill Chamber of Commerce and the Greater Chapel Hill Association of Realtors