Offering Memorandum Commercial Opportunity Acre Parcel Zoned MU-OI-1/R-3

Transcription

1 Offering Memorandum Commercial Opportunity Acre Parcel Zoned MU-OI-1/R-3 North Chapel Hill off Weaver Dairy Road CH North Shopping Center Perkins Dr Chapel Hill North Apartments ABC Store Synergy Family Medicine LabCorp Adair Dr Perkins Dr Allstate Insurance Old University Station Rd Triangle Orthopedic Habitat for Humanity of Orange Cty WCHL & Chapelboro Vilcom Center Dr VILCOM Center Playdom Armacell Kensington Trace Condominiums Shultz St Essex Dr Carol Woods Retirement Community Bank of America Financial Ctr Wells Fargo Bank Goodwill Donation Center & Store Timberlyne Shopping Center UNC Home Health Chelsea Theatre Weaver Dairy Rd

2 Table of Contents Triangle Area Overview...3 Property Description...4 Location Overview...5 Zoning Map...6 Demographics...7 OWASA Easement...8 Mixed Used Districts...9 Traffic Counts and Cluster Development Survey Survey Resources All information in this document is deemed reliable. No warranty or representation is made as to the accuracy thereof.

3 Triangle Area Overview Hillsborough Duke University Campus & Hospitals Durham Chapel Hill UNC-Chapel Hill Campus & Hospitals The Streets at Southpoint Mall Research Triangle Park (RTP) Raleigh-Durham International Airpot (RDU) Raleigh 3

4 Property Description Address: N/O Weaver Dairy Road, Chapel Hill, NC Acreage: acre tract Zoning: 21+ acres zoned MU-OI-1 and 23+ acres zoned R-3 PIN: Utilities: City Presented here is approximately 45 acres bordering Interstate I-40 and Weaver Dairy Road. This unique and select opportunity to develop one of the primary arteries into Chapel Hill is now available. Chapel Hill North is one of the last remaining continued areas of proposed and managed growth. Some I-40 visibility might be permitted. (Consultation with DOT and town ordinances is advised). Three locations of ingress/egress for this large parcel have been identified. This desirable large tract is zoned MU-OI-1 for a little over 20 acres and the remaining is currently zoned R-3. Any change of R-3 zoning to either all Mixed Use or OI-5 will require Chapel Hill Town Council approval. Major road work was already performed along the Weaver Dairy Corridor. Further evaluation upon site plan submission will need to be considered along with an updated traffic study. Currently, there is no median installed in front of the Weaver Dairy ingress/egress location as identified by Sedgewood Road on Plat Map (see page 11). Further ingress/egress points are shown on public road Old University Station Road and possibly Adair Drive. A list of contacts for reference have been provided at the end of this Offering Memorandum. Per the Chapel Hill Code of Ordinances, the current permitted uses of MU-OI-1 include, but are not limited to, College or Residential Dwelling Units, Hotel/Motel, Park & Ride, Commercial Recreational Facility, Veterinary Hospital or Clinic. Eight-inch water line tap is available at numerous locations along the southern portion of the property. OWASA sewer easement and accessibility is available at site (see page 8). Duke Energy power line easement lies along the southern boundary with a smaller transmission line crossing south to north slightly dissecting the property along the R-3 zoned section. Highest and best use to be determined by prospect/developer. Numerous permitted uses make this property highly desirable and flexible. All information deemed reliable but can not be guaranteed. Purchaser is advised to consult appropriate entities as part of their diligence. 4

5 Location Overview Directly off main thoroughfares I-40, Hwy 86 and Weaver Dairy Road Walgreens 5

6 Zoning MU-OI-1 and R-3 Chapel Hill Planning Department 6

7 Demographics Nickname The Southern Part of Heaven Area 21.1 square miles Population 59,653 (North Carolina 2013 Certified Population Estimate) Projected Growth: 2025: 77, : 80,483 Median Gross Rent $915* Median Values of Homes $367,800* Median Family Income $113,167* Percentage of Chapel Hillians who drive to work 60.4 percent* Median Age of Residents 25.8 (2010 Census) Major Employers University of North Carolina at Chapel Hill UNC Hospitals Chapel Hill/Carrboro City Schools Blue Cross/Blue Shield of NC Unemployment Rate Orange County 3.9 percent (Bureau of Labor Statistics, December 2014) Unemployment Rates (2010) Chapel Hill 5.4% Orange County 6.5% North Carolina 10.6% United States 9.6% Employment Projections for Chapel Hill (# of employees) , , ,875 Racial Composition of Chapel Hill (2010) White Black 10.6% Asian 9.4% Other 2.1% Two or more races 1.8% American Indian/Alaska native 1% * American Community Survey Five-Year Estimates Sources: Chapel Hill Planning Department and US Census Bureau 7

8 OWASA Easement 8

9 Mixed Use Districts Three Mixed Use (MU) districts exist: Mixed Use-OI-1 (MU-OI-1) Mixed Use-R-1 (MU-R-1) Mixed Use-Village (MU-V) Chapel Hill town policy No further granting of rezoning to MU-OI-1 or MU-R-1 and intent is to reserve future mixed use zoning designations for MU-V. Master Land Use Plan Purpose statement: It is the intent that the development and approval of a master land use plan would permit greater flexibility in the design and development of tracts of land 20 acres or greater in size; and therefore promote and encourage more creative and imaginative design while conserving the value of land. This process is intended to provide a procedure which can relate to type, design and layout of residential, commercial and office development to a particular site in a general way, providing the basis for subsequent, more detailed development plans and applications through the town s special use permit process. It is the intent of this chapter that all Master Land Use Plans shall demonstrate a high-quality of overall site and building design. The criteria and procedures established in this section ensure that the design and construction of site elements include appropriate consideration of the relationship and balance among site elements, the relationship of the development to natural features, neighboring developments, and access and circulation systems, retention of natural vegetation, minimal alteration of natural topography, mitigation of erosion and sedimentation, mitigation of stormwater drainage and flooding, arrangement and orientation of buildings and amenities in relation to each other and to neighboring developments and streets, landscaping, preservation or enhancement of vistas, and mitigation of traffic impacts. Definition The Master Land Use Plan conveys the general intent and system of development. It is a conceptual plan that illustrates and defines land use areas for residential, office, commercial, open space and special facilities or other land uses. General circulation patterns, both vehicular and pedestrian and bicycle, are identified and indicated on the conceptual plan. Master Land Use Plans may be prepared for development tracts of 20 acres or more. Source: Code of Ordinances of the Town of Chapel 9

10 Daily Traffic Count ,000 74,000 27,000 13,000 Cluster Development Dimensional Matrix (A) (B) (C) (D) (E) (F) (G) (H) (I) (J) (K) (L) Zoning Minimum Maximum Minimum Minimum Maximum Maximum Minimum Minimum Minimum Impervious Maximum district lot size density frontage lot width building buiding street interior solar surface floor area height height setback setback setback ratio ratio (Primary) (Secondary) MU-OI-1 N/A N/A N/A N/A /.5/ Source: Code of Ordinances of the Town of Chapel Hill, NC; Appendix A, Article 3 Zoning Districts, Uses and Dimensional Standards/Cluster Development 3.8.8/Table

11 Survey 1 11

12 Survey 2 12

13 Resources Town of Chapel Hill 405 Martin Luther King Jr. Blvd, Chapel Hill, NC Economic Development Officer Dwight Bassett Office of Planning and Sustainability: Principal Planner Judy Johnson Development Services AICP Senior Planner Kay Pearlstein Public Works: Traffic Engineering Manager Neppalli, Kumar NC Department of Transportation 115 East Crescent Square Drive Graham, NC Division of Highways Division 7, District 1: District Engineer Charles N. Edwards Jr., PE (Chuck) Development Services Planning Manager Phil Mason