GROVE PARK The New Standard In Student Housing
Existing Conditions
2009 vs 2012 Boundary
Site Plan
Background 5 Built in 1962 111 apartment units on 12.75 acres Interconnected two-story buildings Currently 2 nd oldest multifamily development in Chapel Hill Owned by Segar family since 1971 Short walk to campus
RAM Development Agreement 6 Entered into agreement to sell parcel to RAM Development in 2006 Residences at RAM proposed increasing from 111 units/291 bedrooms to 346 units/785 bedrooms townhome and condominium development Due to effects of financial crisis, development plans fell through
Condominiums Vs. Apartments 7 Homeownership rate lowest in 25 years Expected to fall further as younger generations show preference for renting
8 Since agreement with RAM Development ended, Town House Apartments has received significant outside interest Propose increasing from 111 units/291 bedrooms to 346 units/785 bedrooms as a rental unit Will add 235 units (346-111=235) (Same as RAM) Will have 65 more bedrooms than RAM Proposes more recreational area, less impervious surface and land disturbance
9 Distance from to: - The Old Well 0.7 miles - University Baptist Church 0.6 miles - Town Hall 0.3 miles
10 Sturbridge Garden Apartments Blacksburg, VA, Developed by AP Segar -On Site Professional Management -Energy Efficient Systems -Fire sprinklers and Alarm Systems -Recycling focused -24 hour on call maintenance -Wired for High Bandwidth Internet and TV -Updated Life Safety -Water Saving Systems -ADA compliant -24 hour on call help
Site Plan
Traffic Calming to Avoid Cut Thrus
Main Access/Exit Routes for Residents of
Site Plan
Affordable Housing Program 15 The Applicant will provide $175,000 in payment to the Town of Chapel Hill to the Affordable Housing Fund or as designated by the Town Manager. The Applicant will provide 50 affordable dwelling Units to the Town or its assigns (an entity or entities designated by the Town) to be leased at or below the 80% AMI level. The number of Units provided may be reduced if fewer than 346 Units are constructed for some unforeseen reason, but the Applicant will provide no less than 15% of the actual number of Units built. The Units will be guaranteed as available to the Town or assigns (any entity or entities designated by the Town) at a lease rate at or below the 80% AMI level.
Affordable Housing Program 16 Units will be guaranteed to the Town of Chapel in a similar manner as when affordable Units are committed to the Town in a for sale development project. By way of example, in the for sale scenario, the developer conveys the affordable new dwelling Units customarily to Community Home Trust at the affordable purchase price and then Community Home Trust owns the property and can sell 99-year leasehold interests to qualified persons. In this SUP Modification application, the Applicant will provide 15% of its built apartment Units as affordable Units to the Town of Chapel Hill or its designee. The Town will have the right to lease the Units from the Applicant at a rate guaranteed to be at or below the 80% AMI rate. The Town will also have the right to sublease to any qualified Applicant at a rate acceptable to the Town or Town s designee. The Town or its designee will be responsible for the lease payment to the Applicant. Lease terms to the Town will be renewable, one year term leases. The term will run from August 1 st to July 31 st. The Town s window each year to act on its guaranteed Lease right for the Affordable Units will be on or before Feb 28 th of any year. All final documents for the Lease program between the Applicant and the Town shall be finalized on or before December 31 st prior to the first leasing period (estimated to be three years from SUP Approval). The Applicant or its counsel will assist the Town between Approval of this SUP Modification and build-out to create the necessary mechanics to implement this affordable lease program in a satisfactory manner prior to the end of build-out. This would include being available for meetings with the Town or any non-profit designee agency and working on mutually acceptable documentation for the affordable leasing Units.
Affordable Housing 17 $300,000.00 Affordable Housing (Proposed) $250,000.00 $250,000.00 $200,000.00 $150,000.00 $116,000.00 $120,000.00 $175,000.00 50 Afford Units 21% of Net New Units 123 West Franklin $100,000.00 East 54 LUX $50,000.00 $- 0 50 100 150 200 250 300 350 400
Site Plan
GROVE PARK Appendix
Title Page
Renderings
Building Elevations
Affordable Housing Units 23 5 one beds at 60% of AMI FMR HUD for Orange County. $737 cash value over year $255 per month 15.3k 10 one beds at 70% of AMI for $830 cash value over year $160 per month 19.2k 35 one beds at 80% of AMI for $949 Cash value over year $50 per month 21k Total subsidy 55k annually Established conservative 1 bedroom rate of $950 Based on many comparable units in market reaching $1000-$1300 range
Affordable Housing Units 24 $300,000.00 Cumulative Cash Value of Units over 5-Year Period $265,800.00 $250,000.00 $214,200.00 $200,000.00 $162,600.00 $150,000.00 $111,000.00 $100,000.00 $55,500.00 $50,000.00 $- Year 1 Year 2 Year 3 Year 4 Year 5 Total
25 $4,000,000.00 Increased Tax Contribution of Grove Park to Town of Chapel Hill Cumulative Tax Yield Over 5-Year Period $3,500,000.00 $3,097,500.00 $3,000,000.00 $2,478,000.00 $2,500,000.00 $1,858,500.00 $2,000,000.00 $1,500,000.00 $1,239,000.00 $1,000,000.00 $619,500.00 $500,000.00 $83,190.00 $166,380.00 $249,570.00 $332,760.00 $415,950.00 $- Year 1 Year 2 Year 3 Year 4 Year 5 Current Tax Value New Tax Value
Student Commuting 26 50% UNC student preferred modes of transportation (Distance to campus) 45% 40% 35% 30% 25% 46% 20% 15% 34% 29% 10% 5% 6% 0% Walk Less than 2 miles 2+ miles Drive alone Note: Data based on 2013 UNC campus commuting survey
Employee Commuting 27 % of UNC employees driving to work (Distance to campus) 91.40% 8.60% Less than 2 miles 2+ miles
Northside Neighborhood 28 60% 40% 20% 0% 1980 1990 2000 2010 18 to 24 year old Family Households Owner-occupied
Employee Commuting 29