Davidson Catalyst Site Project/Process Overview Development Finance Initiative (DFI), February 5th, 2015

Agenda About DFI Project Overview Market Potential Process Overview Feedback Next Steps Source: North Carolina Downtown Development Association

Development Finance Initiative The Development Finance Initiative (DFI) at the UNC School of Government partners with local governments to attract private investment for transformative projects by providing specialized finance and development expertise. DFI team includes subject matter experts in: Community and Economic Development (CED) Real Estate Development & Finance Public Finance Land Use and Planning Market Analysis Public Private Partnerships

Catalyst Site - Site Area

Catalyst site pre-development objectives Meet need for increased Town Hall space Respond to current demand and attract more private investment downtown Build a long-term parking solution Connect and extend the downtown commercial corridor Create a viable Public-Private Partnership that will attract high quality private development interests

Market Potential Market fundamentals in Davidson are strong Sufficient demand exists to support retail, office, and residential growth Population & employment opportunities expected to continue increasing Catalyst site is well situated as a site for development downtown

How is the final use determined? Public Process Market Analysis Financing Site Analysis Program Iterative process to get to the final development program… we work on each aspect of the project separately at different stages but they can’t be completed in isolation. Once we arrive at what the market can bear from our market analysis, that doesn’t mean that the site can bear it or that it’s financially feasible. Must find the sweet spot where they all intersect. Want to find the nexus that satisfies all constraints.

Public feedback What do you see as the future of downtown Davidson? Current built environment is 45% commercial, 55% other (Single family, Gov’t, industrial) Only 2.5% residential What is missing along Main Street?

Public feedback Is the current amount of parking downtown adequate? 2011 study identified a surplus overall, but predicted potential deficit surrounding the Catalyst Site with increased development

Public feedback What principles should guide downtown development? Maintaining the current urban fabric Continuing the commercial corridor along Main St

Next Steps Incorporate today’s feedback into the development process Site analysis/design Refine program based on public/private interests, site analysis and financial feasibility