Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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Development opportunities Planned and Proposed d D sector developments approved of under construction In the d Developments le- family Currently, there are 10 new private eels include residential units, with a total of 595 sing Town of Hillsborough. Eight projects square feet units, 700 multi- family units, and 4 -9 special units. As shown i,r Table 22, there are the commercial developments currently feet underway Hillsborough with t fal of 414,000 sq of office, and over 163,000 square The first ewnmereial project, Hampton Point, is largely completed wit t 55,000 square feet of retail construction is the Forest Ridge mixed -usl development that includes and only a handful of retail pads left available for assorted retail sho} s or fast food. The includes es 000 square feet of retail. Tlw second smallest project is project currently under 18,000 square feet of office and 10, 000 s(.3 ire feet of retail shops and square feet of medical office spa( 1, The largest project is the Oakdale Village wi South Clanton Street that will include 2 of commercial and retail 200 restaurant seats, plus 23,000 000 square .+ Waterstone development was slated to include over 73, 4 single-family waits, 399 space and nearly 384,000 square feet of uare foot UNC hospitdalteom' g nwlti- family units and tine one million square surgical, laboratory and The UNC Hospital at Waterstone will provide 68 hospital beds, r diagnostic facilities, a pharmacy, and physical and occupational therapy services. At full build -out, the complex will include 810,000 square feet of space, including the h )spitat itself, medical office he buildings, co pl and a central utility plant. A certificate of need has been sat nritted to the Department al Health and a Regulation for the State of North Carolina, in accor('ance with state and federal regulations. gevelopment Recommendations 000 square the two -mile radius shows a demani 1 potential for around 23,000 Based l the project team's estimates of retail development potential, as derived from existing 23 at future projected retail leakage, otential for over 250, however had approved 163,000 square feet of retail square feet of new retail space, [l edTowrfive -mile radius shows p- 11, This equals feet. As of December 2009, centers however the south -side of Hillsboroug development in four different shopping eared roughly 7 times the estimated retail development potential d v,1 two-Mile radoiita. Emphasiz ng out Orange :ounty and bey fortunately, is that some of these projects, and the Waterstone devcl opnrent in particu a', are to capture demand and serve customers from through this point is the estimated 250,000 square feet of retail demand e -entir reported for the five -in e that con} I e absorbed though development radius. This is roughly 1.5 t mes the amount of retail space r rently under constriction in the meat through 2029 is projected town, suggesting significant additional retail city the U.S. 70 corridor. Furthermore, demand for retail de '1 'p 53