Orange County NC Website
Browse       Search
h pter2: I Th ell 'elan <br />'Rhag'Analy�is <br />!�RingStudy <br />Although commercial revitalization can be addressed in many ways, the underlying premise of the US <br />70 /Cornelius Street Strategic'Plan approach can be summarized as follows: to encourage economic, <br />development, within the context of historic preservation, which is appropriate to today's market place. <br />This approach advocates a return to community self - reliance, empowerment, and the rebuilding of <br />commercial districts based on its traditional assets: unique architecture, personal service, local <br />ownership, and a sense of community. <br />The study area is amain corridor entrance for those traveling east/west through Hillsborough and <br />intersects the town's main north -south corridor, malting it a prime location for economic development. <br />The recent decision by Kerr Drug to rebuild a larger, more modern pharmacy is a testament to the <br />commercial viability of the area. A ring study analysis, which shows demographic data for the <br />surrounding area, further indicates commercial attractiveness, showing that over 33,000 households with <br />median income in excess of $55,000 live within ten miles of the US 70/ Cornelius Street Corridor. <br />In 2005, within ado -mile radius of the study area, population and income are as follows: <br />«.® Total Population — 6,202 m® "Median- Household Income - $43,430 <br />Total Households — 2,573 "Per Capita Income - $21,602 <br />® Average: Household Income - $51,311 <br />Within aiflve -mile radius of the study area: <br />Total'-Population — 17,732 <br />".® I Total Households — 7,208 <br />�® Average, Household. Income - $51,271 <br />TotalPopulation = -80,290 <br />>>® Total'Households — 33,234 <br />® Average Household' Income =$65;497 <br />® "Median, Household Income - $47,692 <br />,ve „Per Capita. Income - $21,721 <br />.Within a4en -mile radius of the study area: <br />® °.lVlediari:Household Income - $55,527 <br />�® <br />,Per Capita. Income - $27,612 <br />:The Task Force recommends that town and county staff utilize this basic market information to recruit <br />new businesses, help convert vacant space to new uses and improving the competitiveness of existing <br />merchants. <br />26 <br />US 70/ Cornelius Street Corridor Strategic Plan 2007 <br />