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

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6 To provide attractive space for UNC spin-offs, OCED should consider the following recommendations for Chapel Hill, Carrboro and Hillsborough. In general, Orange County locations have limited potential to compete with downtown Durham or suburban areas around RTP/RDU. Instead of competing, Orange County needs to fill more specialized niches in the starlup/expansion landscape. In the long term, the new campus at Carolina North should give LTNC the same capability to capture spin-offs from the life-science and IT sectors, as well as established corporations, as Centennial campus at NCSU. In the medium term, OCED should consider facilitating the development of office/flex space for the life-science companies that want to grow in Chapel Hill. OCED should facilitate development or rehabilitation of space in the Route 54 corridor. Life-science companies should be willing to pay rents above those in RTP in return for shorter and less time-consuming commutes for managers and employees. In the near term, Odum Village which is strategically located on south campus near the Medical School and the Kenan-Flagler Business School could support campus-based startups. Some buildings could be devoted to lab space, office space or live-work units. The university is quite interested in opening discussions with the county about alternative uses of buildings at Odum Village, and OCED should respond to this opporiunity. In early 2012, LTNC is making a major investment in an incubator at 505 West Franklin. The details of the project are not yet finalized, but the goal is to offer attractive space for early-stage companies and budding entrepreneurs. The 505 incubator is an excellent location midway between downtown Chapel Hill and downtown Carrboro with nearby restaurants and frequent bus service. The county owns 503 West Franklin next door which could become an accelerator for graduates of the incubator and/or house a valuable service provider. Vacant space nearly could serve expanding businesses. On the same side of West Franklin Street, 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. The most viable village center in the county for targeted stariups is downtown Carrboro, but space is limited and rents axe relatively high. As a prominent tenant in Car Mill, UNC could help by subletting leased space to qualified startups at affordable month-to-month rental rates.