Agenda - 02-25-1991 - Laserfiche WebLink

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1J ,JJ Changing Conditions In Central Orange County This property has been advertised-in the Multiple Listing Service for more than two years. Inquiries have been made by commerical brokers in Charlotte, Lumberton, Durham, Chapel Hill, Hillsborough, and, most recently, by the State Employees Credit Union. We have contacted local Real Estate Agents and the Hillsborough Chamber of Commerce, as well as lessors of existing office space in Hillsborough, and find that there is a shortage of available office space in the area. This shortage is especially restrictive for employers of large groups of personnel. The two existing commercial zones on Old Chapel Hill - Hillsborough Road are eight miles apart. Currently there are no residences to the north, east, or south of the subject property. Of the eight houses located to the west, only one is less than 500 feet from the parcel. The property has more than 2200 feet of frontage directly on the I-40 right-of-way. This makes it unsuitable for residential use. We believe that the property's location at a major interchange, with its proximity to the town of Hillsborough and the Research Triangle Park, makes it an excellent site for an office park suitable for corporations with a need for modern, spacious facilities. The resulting employment opportunities for local residents and the increase in county revenues from greater tax values make this request a sound and reasonable one.