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The Research Triangle Park: Briefing. Transforming the Region’s Economy RTP was founded in 1959 by business, government and academic leaders to stem the.

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Presentation on theme: "The Research Triangle Park: Briefing. Transforming the Region’s Economy RTP was founded in 1959 by business, government and academic leaders to stem the."— Presentation transcript:

1 The Research Triangle Park: Briefing

2 Transforming the Region’s Economy RTP was founded in 1959 by business, government and academic leaders to stem the “brain drain” and shift the agricultural, manufacturing and government economy to a research and technology focus. It was a BIG BET! The Research Triangle Foundation (RTF) is the non-profit entity responsible for the management, development and relationships within RTP. 2

3 3 A Foundation That’s Still Strong… 50+ Years Later Our Foundation’s creators made a conscious decision to build the Research Triangle Park in the heart of North Carolina. The intent was to create a place where the founding universities, local governments and private industry could work together and flourish. 50+ years later, the Foundation is still the same organization started by Governor Luther Hodges and Archie K. Davis. Committed to a state wide mission and we maintain the strong partnerships that connect our companies with the public and university sectors. RTP is very much a global brand – and through our planned redevelopment efforts – we intend for it to remain that way.

4 4 Achievements Since its creation, Park companies have received more than 3,256 patents. Researchers at RTP companies have won the 1988 and 1994 Nobel Prizes in Medicine – as well as the 1996 Pulitzer Prize for History. Park companies are responsible for discovering Astroturf, 3-D Ultrasound, Ctrl+Alt+Delete and Taxol among many others. International Union of Pure and Applied Chemistry ( IUPAC) maintains the official Periodic Table of the Elements out of The RTP. Partnerships between companies physically located within the Park are common. Cisco & Netapp, Biogen Idec & Eisai are recent examples.

5 5  How has that ‘Big Bet’ and the commitment of the Triangle Region paid off?

6 Educational Attainment & Connectivity  45.9% College Degree 23.3% Bachelor 14.2% Graduate/Professional  Three tier one research universities  Two nationally ranked business schools  Two nationally ranked engineering schools  Nine other colleges and universities and seven technical community colleges  150,000+ students (university/community college) 24,000+ bachelor degrees or higher earned a year We are extremely smart and well connected…

7 Best Educated United States Cities 2010 (percent population with college degree) Source: ESRI/STDBOnline.com National Average

8 NC Population % Growth by Region 2000 to 2011 Source: North Carolina Office of State Budget Management We have grown tremendously… and continue.

9 % Regional Unemployment Source: North Carolina Department of Commerce’s Division of Employment Security 3 Lowest Unemployment Rates Research Triangle Region: 7.4% United States: 7.9% Western Region: 8.6% We are highly employable…

10 Cost of Housing: 2011 vs National Average Source: C2ER (ACCRA Cost of Living Index – 3 rd Quarter) We are cost competitive…

11 RTP TODAY

12 12 RTP Today Scale 7,000 acres (2,833 hectares) research park University Connections Duke University North Carolina State University UNC - Chapel Hill Critical Mass 170+ world-class firms employ 40,000 full-time workers 22.5 million ft 2 of developed space 26 Multi-tenant buildings 4 Office/Lab Incubators Impact $2.8 billion in capital investment $2.91 billion annual payroll

13 DIVERSE PORTFOLIO

14 over less than not reported18N/A Total Number of Employees RTP COMPANY MIX LARGE AND SMALL

15 15 Park Research Center 13-building campus 75,000 ft 2 of office/lab space First Flight Venture Center Established in ,000 ft 2 of office/lab space >150 graduates Hamner Institutes for Health Sciences 150,000 ft 2 facility Planned buildout of 1,000,000+ ft 2 NURTURING NEW COMPANIES Over 1,800 start-ups have been created by RTP companies & the three research universities since 1970 Alexandria Innovation Center Owned and managed by Alexandria Real Estate Equities, Inc. 150,000 ft 2 campus

16 16 miles of jogging/pedestrian trails 4 softball diamonds (spring/summer leagues) 12 volleyball courts (9 grass and 3 sand) 2 miles of mountain biking trails RECREATIONAL AMENITIES

17 LOCATING IN RTP

18 18 Project Opportunities & Challenges Building Sites Remaining - Site Acerages12-100s Leased space (Mulit/Single Tenant) Entrepreneurial/Start-up Space Redevelopment Phase 1

19 19 Sites ranging from 12 acres to 100+ acres $125,000/AC - $175,000/AC Sources: North Carolina State Demographics (2000, 2005), U.S. Census American Community Survey (2000, 2005), Employment Security Commission of North Carolina (2006) GREENFIELD DEVELOPMENT

20 20 RTP Covenants Updated March 2013  Control uses  Allow certain manufacturing activity with high degree of scientific input (determined by percent of employees in technical, professional and kindred classifications, by industry)  Establish Board of Design  Grant Right of First Refusal to repurchase property for resale  Establish Owners & Tenants Association and association voting rights  Property taxes are only paid to the county. RTP cannot be annexed into surrounding municipalities

21 21 Multi-tenant Buildings / Developments Research Commons Park Center Progress Center One Park Drive Buildings on Individual Sites 7001 Development Drive (205,310 SF) 8001 Development Drive (262,000 SF) RTP Area Average Pricing Details Class A Office - $18 – $22 sqft Full-Service Manufacturing: $8 - $12 sqft NNN Sources: North Carolina State Demographics (2000, 2005), U.S. Census American Community Survey (2000, 2005), Employment Security Commission of North Carolina (2006) LEASED SPACE

22 RTP Redevelopment

23 BUILD A TRANSFORMATIVE VISION FOR THE FUTURE Beukenhorst (Park 2020) – The Netherlands

24 Retain Existing Tenants Attract Broader Range of Tenants Continue to Attract Large Companies MARKET OBJECTIVES The goal of the Master Plan is to create an environment that will allow RTP to continue to be an economic driver for the innovation economy. This goal will be achieved by maintaining the Park’s attractiveness to existing tenants and owners, facilitating opportunities for existing companies to expand on site, and broadening the Park’s appeal to additional types of companies, including those not historically found at RTP.

25 25 Realizing the Plan Input from Park companies and the community Multiple projects phased over time Regulatory updates & use changes Collaboration with partners: owners, universities, government, developers

26 26 Extension of highway network Existing Park roads able to support growth New pedestrian-scale road network at clusters Roads

27 27 Mixed-Use Center Park Center Research Cluster Development Clusters

28 28 Development Clusters: Mixed-Use Center  Research is the core land use  Mix of retail, residential, hotel and education  Shared Open Spaces

29 29 Development Clusters: Mixed-Use Center

30 30 Mixed-Use Center Park Center Research Cluster Development Clusters

31 31 Development Clusters: Park Center  Business support cluster  Regenerate and renew  Increase intensity  Restore natural systems

32 32 Development Clusters: Park Center

33 33 Mixed-Use Center Park Center Research Cluster Development Clusters

34 34 Development Clusters: Research Cluster  Research focus  Amenity core  Increase intensity through infill  Integrate natural systems

35 35 Development Clusters: Research Cluster

36 36 Make RTP Land More Productive Current CapacityMaster Plan Capacity Research & Office Space 26M sf84M sf Jobs~ 45,000~ 150,000 Zoning for Infill Development

37 THE RESEARCH TRIANGLE FOUNDATION OF Bob Geolas President & CEO Research Triangle Foundation - Twitter Mason Ailstock Vice President of Business Development Research Triangle Foundation - Twitter


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