Agenda - 03-13-2012 - 4b - Laserfiche WebLink

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