Agenda - 05-06-1991 - Laserfiche WebLink

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4 The applicants state that the completion of Interstate 40 - linking the Research Triangle Park to areas west - has introduced a changed condition in both the appropriateness of residential land use for this property and the market for non - residential uses at this site. As evidence of this, the applicants cite the fact that this property has been listed on Realtor indices for two years and has received a number of inquiries from commercial brokers. In addition, the applicants contend that there currently exists a shortage of available office space in the area, especially for large employers of office personnel. The 2200 feet of frontage on Interstate 40 is mentioned by the applicant as making residential use infeasible. The fact that existing commercial zones on Old Chapel Hill - Hillsborough Road are currently eight miles apart is also cited as a rationale for changing conditions in the area. In summary, the applicants state that "the property's location, 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." b. To correct an error or omission in the Comprehensive Plan. No error or omission has been cited by the applicants. C. In response to a change in policies, objectives, principles or standards governing the physical development of the County. Applicants state that the Orange County Land Use Element is scheduled for a 10 -year update in 1991. The Economic Development Commission's Target Advisory Group has meanwhile recommended the re- assessment of land use policy along the 1 -40 corridor. In addition, the Planning Hoard and Economic Development Commission have entered into a Joint Agreement that offers "an opportunity for well - planned growth in central Orange County ". The applicants contend.that these factors represent a change in land use policy and that 1991 is therefore an appropriate time to 2