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Agenda - 03-13-2012 - 4b
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Agenda - 03-13-2012 - 4b
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BOCC
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3/13/2012
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Regular Meeting
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Agenda
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4b
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Minutes 03-13-2012
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16 <br />Vacant space nearly could serve expanding businesses. On the same side of West Franklin <br />Street, for example, space in The Courtyard could be attractive to incubator graduates. OCED <br />should also explore the use of vacant space at University Mall. The mall is more accessible than <br />downtown Chapel Hill, has convenient and plentiful parking and offers restaurants, retailers and <br />other services within walking distance. Increasing the number of startups in close proximity and <br />accommodating ones that begin to grow in accelerator space could improve everyone's business <br />prospects. <br />It will take committed and sustained efforts to keep successful growth companies that have <br />started at 505 in Chapel Hill or in Orange County. Collaboration among the county, Chapel Hill <br />and ITNC is needed to have positive outcomes. <br />Carrboro The most viable village center in the county for targeted startups is downtown <br />Carrboro. A bus trip from the Weaver-East Main junction to the Varsity Theater in downtown <br />Chapel Hill is only 7 minutes. <br />Full service rent of about $15/SF for about 1,000 SF of space would be attractive to many <br />startups but such space is very difficult to find. Buildings in the vicinity of Lloyd Street range <br />from relatively new space beyond Rice's Glass in two properties to older commercial space on <br />both sides up to and extending along East Main Street. Rents in the newer buildings are too high <br />for most starlups, but this space could accommodate some companies that grow. The second <br />floor of buildings near East Main and Weaver Street were also examined as potential space for <br />startups. Only four second-story spaces exist on East Main Street (108, 110, 118 and 120 <br />addresses), and availability is limited at present. The Daniel Building at 103 West Weaver Street <br />near North Greensboro Street is relatively new attractive space organized as a business co-op. <br />Members share common facilities and equipment. Rent is expensive at $36/SF plus $9 monthly <br />for the DSL connection. However, 100 SF offices costing $300 per month appear to be <br />affordable for some startups. - <br />Expansion space in Carrboro is also scarce.ls The best option to retain growing companies is to <br />focus on the niche of companies ownedJstaffed by LJNC students, recent graduates and/or <br />Carrboro residents. OCED should work with the town to help these companies find suitable <br />space in Carrboro that can be leased for 3-5 years. <br />The upstairs space in Carr Mill is too expensive at $21/SF for most startups, but the more serious <br />constraint is the 3-5 year lease term which is far too long. However, UNC is a prominent tenant <br />ls One of the only properties with space that could attract growing companies is 605 West Main Street. <br />This multi-tenant building offers 25,000 SF of office space on a half acre lot with 25 parking spaces <br />below the three-story construction. Apparently this development is politically unpopular in Carrboro <br />making similar projects unlikely. <br />13 <br />
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