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Changing Conditions In Central Orange County <br />This pr- cperty has,been advertised.in the Multiple Listing Service for <br />more than two years. Inquiries have been made by cowerical brokers <br />in Charlotte, Lumberton, Durham, Chapel Hill, Hillsborough, and, <br />most recently, by the State Efaployees Credit Union. We have contacted <br />local Real Estate Agents and the Hillsborough Chamber of Commerce, as <br />well as lessors of existing office space in Hillsborough, and find <br />that there is a shortage of available office space in the area. This <br />shortage is especially restrictive for employers of large groups of <br />personnel. <br />The two existing commercial zones on Old Chapel Hill - Hillsborough <br />Road are eight miles apart. Currently there are no residences to the <br />north, east, or south of the subject property. Of the eight houses <br />located to the west, only one is less than 500 feet from the parcel. <br />The property has more than 2200 feet of frontage directly on the I -40 <br />right -of -way. This makes it unsuitable for residential use. <br />We believe that the property's location at a major interchange, with <br />its proximity to the town of Hillsborough and the Research Triangle <br />Park, makes it an excellent site for an office park suitable for <br />corporations with a need for modern, spacious facilities. The <br />resulting employment opportunities for local residents and the <br />increase in county revenues from greater tax values make this request <br />a sound and reasonable one. <br />r <br />19 <br />