Events
Breakfast with Congressman David Price-November 13
On November 13, from 8-9:30am, the Chapel Hill-Carrboro Chamber of Commerce will host a Breakfast with David Price at the Carolina Club. On the coattails of the presidential election, this event will give attendees an opportunity to hear how Washington will be affected by the new administration. Congressman Price will also provide an update about Federal action taken in the mortgage and financial downturn, a review of the last session, and what he expects congress to be taking up over the next year. There will be an extended question and answer session as well.
Members of the GCHAR will receive the $25 member rate; cost is $35 for non-members. You can register online by clicking here or by calling 967-7075. This event is sponsored by: AICPA, the Daily Tar Heel, AT&T and 1360 WCHL. More sponsorship opportunities are available, please contact Karen Bonardi at 967-7076.
New Development 300 E. Main Approved
After almost five years, 300 E. Main St. in Carrboro can break ground. The development, which spans from Cat’s Cradle to the ArtsCenter, unanimously was approved on October 7 after several impassioned speeches from members of the Carrboro Board of Aldermen and years of back and forth about the project’s potential impact. The development, by Main Street Properties, will include a five-story hotel, office buildings and a parking deck. For the full story, click here.
Buckhorn Village Gets Go-ahead
The Orange County Board of Commissioners unanimously approved the Buckhorn Village development on October 7, with several conditions. The approval comes nearly a year after the idea for the retail center was proposed. The 1.14-million-square-foot retail center is slated to be built in Efland, a 20-minute drive northwest of downtown Chapel Hill, after developers clarify some of the language in the 118-page agenda. Buckhorn Village would cover 128 acres and potentially include retail stores, restaurants, a movie theater and minor residential complexes. For the full story, click here.
Woodmont Will Move Forward
The Chapel Hill Town Council voted September 8 to approve several measures that will allow the Woodmont development project off of N.C. Highway 54 to continue. The council approved a rezoning application, a master land use plan application and a special use permit that the development needs to proceed.
Representatives from Capital Associates in Cary, who are in charge of the development, presented materials and plans for the proposed 33-acre site that will house office space, condominiums and retail. For the full story, click here.
Schools
School Number 11 Takes Shape
A new elementary school scheduled to open in 2011 is still in the early planning stages, but Chapel Hill-Carrboro City Schools officials now have a better idea of what it's going to be like. The CHCCS Board of Education in June selected a site in the Northside neighborhood for Elementary No. 11, and county commissioners approved the site on September 2. “Elementary No. 11 will be built on an eight-acre site between Caldwell and McMasters streets, where the former Orange County Training School is located. Northside residents have responded positively so far to having a school in their neighborhood. For the full story, click here.
District Disagrees Over Impact Fees
A proposal to increase school impact fees for the first time in seven years has the support of one of Orange County's two school districts, while the other is in favor of keeping the fee at its current level. Members of the Chapel Hill-Carrboro City School Board approved a resolution in September that urges the county commissioners to increase impact fees "in order to provide a source of funding to construct new schools to keep pace with the district's growing student population and the escalating cost of construction." The Orange County Schools Board of Education, however, agreed last month to support the current levels, adding that it "supports the county commissioners in all their efforts to fully fund our school district." For the full story, click here.
Orange County SAT Scores Up from 2006-07
The Orange County Schools system’s recently released SAT (Scholastic Achievement Test) overall score was 1043, up 3 points from 2006-07. That figure is 36 points above the state average of 1007 and 26 points ahead of the national average of 1017. “Orange County Schools outperformed their state and national counterparts in all ethnic groups and gender groups,” says Superintendent Patrick Rhodes. “We tested 77.5 percent of all seniors. That’s the fourth highest percentage in the state.”
Orange High School saw the biggest gain from its 2006-07 scores — 1039 versus 999 — a 40-point jump. The number of students who took the SAT was also up, from 161 to 126, which translated to 72.5 percent of the seniors, an 8.1 percent increase from 2006-2007. To see how Orange County and other North Carolina schools did, click here. For the full story, click here.
Board Approves Technology Pilot Program
Two local schools, Culbreth Middle and Scroggs Elementary, are moving forward with a pilot program that will bring new educational technologies -- including the iPod Touch -- into the classroom. The Chapel Hill-Carrboro Board of Education approved an agreement in mid-October with N.C. Virtual Public Schools, a state government organization that will test cutting-edge educational techniques at both schools later this school year before possibly using them statewide. The agreement gives each school $30,000 to buy audio/video equipment and mobile technology devices such as the iPod Touch.
From the Chapel Hill News
Orange County
Bill Thorpe, Long-Serving Councilmember, Dies
Bill Thorpe, long-time Chapel Hill Town Council member and fighter for civil rights, died in his home in early October from heart problems. Thorpe was the voice for the least fortunate during his total of 11 years on the council and almost 40 years living in Chapel Hill. “He really kept our feet to the fire as far as remembering what our values were,” council member Mark Kleinschmidt said. “He always understood that issues that we worked on involved the lives of people.” For the full story, click here.
Halloween Changes Set
With Halloween crowds swelling to more than 80,000, a size that requires law enforcement officers to be brought in from the Triangle and Triad, Chapel Hill Town Manager Roger Stancil has announced “Homegrown Halloween in Chapel Hill.” This year’s Halloween Celebration will differ from those in years past in order to better ensure the safety of attendees. Below is a list of changes, for more information you can visit www.townofchapelhill.org/halloween.
• Downtown street closures beginning at 9 p.m.
• Little to no parking in the downtown
• No park and ride shuttles
• Bars will not allow new patrons in after 1 a.m.
• A $5 (or more) cover charge to enter bars after 10 p.m.
• Franklin Street will reopen to traffic at midnight
Overview of Chapel Hill Development Projects
At the 2008 Orange County Development Briefing, Chapel Hill Economic Development Officer Dwight Bassett presented the following table detailing projects approved or under construction in town. Note that of projects approved, 39 percent of the square footage is dedicated to non-residential use. In total, over 2.4 million square feet in new projects will be or are underway at total investment of $435 million. The County’s recent approval of Buckhorn Village (see above), will add another 1 million square feet of commercial space and $125 million in private investment.
| Project | Residential SF | Nonresidential SF | Investment |
| East 54 | 238,904 | 248,701 | $130,000,000 |
| Greenbridge | 182,540 | 37,847 | $30,000,000 |
| 140 West | 176,919 | 30,690 | $75,000,000 |
| Chapel Hill North (unbuilt section) | 150,000 | 0 | $0 |
| Chapel Hill Watch Village | 182,000 | 0 | $0 |
| Castalia at Meadowmont | 24,000 | 52,000 | $7,900,000 |
| Europa Office Building | 0 | 38,000 | $5,500,00 |
| Woodmont | 150,000 | 450,500 | $145,000,000 |
| Cosgrove Hill (3) | 169,000 | 50,000 | $17,000,000 |
| Homestead Twin Towns | 125,000 | 0 | $25,000,000 |
| Total | 1,398,363 | 907,738 | $435,400,000 |
Downtown Parking Study Finalized, Input Encouraged
On Thursday, October 30 from 5:30-7:00pm, the Chapel Hill Downtown Partnership will host a public forum to gather input on the recently completed downtown parking study. The forum will take place at University Presbyterian Church at 110 Henderson Street. If you would like to view the study’s findings and recommendations, click here or click here for the detailed study findings.
Unemployment Rate Drops Across Triangle
The NC Employment Security Commission announced Friday that unemployment dropped around the Triangle. In the Raleigh-Cary metro, September unemployment was at 5.3 percent, down from 5.4 percent in August. In the Durham metro, which includes Chapel Hill, unemployment dropped from 5.4 to 5.2 percent from August to September. During this period, the Durham metro added 2,300 government jobs, offsetting the loss of 1,200 jobs in manufacturing, financial activities, trade and other services. For the full story click here.
Consultant's Study Describes Airport's Economic Potential
A May 2008 report by Talbert & Bright says that a new Orange County airport could have an economic impact of up to $53 million a year, which is more than four times the amount Horace Williams Airport pumps into the community. The consultants’ report bases their findings on surveys of airport managers, tenants, and major users and calls the estimated impact of $40 million to $53 million conservative. For the full story, click here.
Leaders Call for a Better Brand
At the most recent Downtown Partnership Board of Directors meeting, members discussed the idea of developing a single identity or brand for the downtown area. George Draper, chairman of the Chapel Hill Downtown Partnership’s board of directors, thinks that Chapel Hill should be known for more than UNC athletics and downtown parties. “Downtown Chapel Hill has branded itself for a lot of reasons, but it’s more associated with the college,” he said. “As a property owner and as a member of the board, I would like to see similar type of branding, but for more than basketball and Halloween.” For the full story, click here.
OWASA Approves Water Restriction Changes
On Thursday, the OWASA Board of Directors endorsed revisions to water restrictions that will now be passed on to Chapel Hill, Carrboro and Orange County leaders for review. The most significant changes will affect restrictions on irrigation and swimming pool filling. Board member Alan Rimer praised the work of OWASA staff in simplifying the water restriction ordinance, which he said proved confusing to many residents last summer. "I think we have a much tighter set of standards now. The ordinance is one of the best I've seen in the country," Rimer said. For the full story, click here.
County Officials Weigh 2009-10 Budget Issues
As the nation’s economic future remains unclear, officials said it’s too early to worry about potential Orange County budget shortfalls. An early county budget report predicted a roughly $9.5 million shortfall between revenues and expenditures for the 2009-10 budget. “We do a process where we show where some budget issues will be coming up,” said Orange County Budget Director Dean Coffey. “We presented to the board things that we know are going to be issues.”
But Coffey said the predicted shortfalls may not be as drastic as the early report indicates, so county officials are not yet taking action. Coffey said it is too early to predict exactly what the budget will look like for the next fiscal year, and real budget discussions won’t begin until early 2009. For the full story, click here.
The Triangle
$650 Million Railroad Expansion Proposed
State and local officials are preparing to expand North Carolina’s commuter railroad service to support a growing population and boost economic development. The N.C. Railroad Company released an 11-month study in early October that proposes a $650 million expansion and transformation of the current freight system into a commuter rail system. The total expansion could cover 141 miles and offer commuter rail service to two to three million North Carolinians.
The project could cost as much as $2 million to $9 million per mile, including a possible $23.6 million expansion that will extend to Chapel Hill, said Scott Saylor, president of the N.C. Railroad Company. David Bonk, Chapel Hill long range and transportation coordinator, said Durham, Wake and Orange counties are currently discussing the possibility of incorporating rail into their transportation systems in the next 25 years. For the full story, click here.
Durham Plant Closing; 428 to Lose Jobs
Silver Line Building Products will shutter its plant in Durham, according to the state Department of Commerce. Silver Line, which makes vinyl windows and patio doors, expects the closure to be effective as of December 20. The company located in the Triangle just four years ago and received about $200,000 in grant incentives. For the full story, click here.
Credit Crunch Delaying Chatham School
With credit markets tightening, Chatham County officials say their plans to build a fourth high school in the northeastern part of the county have been delayed as very few of the 12,000-14,000 homes approved there have been built. The County is focusing its school infrastructure investments in renovations to Northwood High School in Pittsboro and completing a new middle school in the Briar Chapel area. Chatham County Schools Superintendent Robert Logan says the renovations to Northwood should be finished by August 2009 and the new middle school will be done by August of 2010. For the full story, click here.
Raleigh Plaza Breaks Ground
Last Monday, the city of Raleigh broke ground on a $14.8 million high-tech public square. The project, called City Plaza, is located at the south end of Fayetteville Street and leaders hope it will become a major gathering spot in downtown. The plaza will include 45-foot-tall light towers, a motion-sensitive water fountain and four retail pavilions. City Manager Russell Allen said the project is nearly completely financed with only $1 million remaining and will be unaffected by the larger economic downturn. For the full story, click here.
State
Real Estate Market to Hit Bottom in 2009
Real estate investors and professionals say U.S. financial and real estate markets will hit bottom in 2009 and continue to slump for much of 2010, according to a report by the Urban Land Institute and PricewaterhouseCoopers. The annual industry outlook includes responses from more than 600 real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants.
According to the report, moderate-income apartments in core urban markets near mass transit offer the best investment opportunities, a consistent trend from the previous year. Downtown office space is expected to outperform suburban markets and retail development is generally near the bottom but still has a bit farther to fall. The housing industry faces more foreclosures and likely no rebound in values for 2009, according to the report. For the full story, click here.
Fed's Beige Book Released, Cites Slowing Economy
The Federal Reserve’s Beige Book for the Carolinas was released last week detailing the slowing regional economy during late August and throughout September. The report gives anecdotal evidence of economic trends and cited slumps in “big-ticket” retail purchases such as automobiles, furniture and appliances. Health care organizations saw little change in demand for services but are concerned that the slowdown in the economy might lead to a glut of unpaid bills. For the full story, click here.
The Real Estate Report is produced monthly by the Chapel Hill Chamber of Commerce and the Greater Chapel Hill Association of Realtors
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