Charlotte Center City Partners
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2019 PRESENTING SPONSOR CHARLOTTE 85 J.T. Williams Lincoln Druid Hills University Heights North Park Oakview Terrace Washington Heights Sugar Creek Lakewood Oaklawn Park Double Druid Hills Oaks South McCorey 85 Heights Tryon Hills Enderly Smallwood Biddleville Greenville North Park Charlotte WEST Lockwood END Seversville Villa Optimist Heights Ashley Park Wesley Heights Park Plaza FOURTH Hills 1 Mile WARD 2 Miles THIRD 3 Miles WARD Belmont Bryant Park UPTOWN FIRST WARD Plaza-Midwood Westover West Boulevard Hills SECOND WARD Wilmore 74 MIDTOWN Commonwealth Revolution Brookhill Elizabeth Park SOUTH END Chantilly Cherry Dilworth Coliseum Southside Drive Park 74 Center City Partners’ Eastover Jurisdiction includes: Sedgefield • Uptown (Charlotte’s Central Park Road/ Myers Business District - CBD) Freedom Park • South End Park • West End • Midtown Light Rail Streetcar Streetcar Construction 85 J.T. Williams Lincoln Druid Hills University OVERVIEW CONTENTS Heights North Park Oakview Terrace Washington The annual State of the Center City report 2 250 Years and Still Going Strong Heights focuses on the growth and development Sugar Creek Lakewood Oaklawn of Charlotte’s urban core. Park Double Druid Hills Oaks South McCorey Development 85 Heights Tryon Hills The report is prepared by Charlotte Center City Partners (CCCP), 4 a 501(c)4 not-for-profit corporation that envisions and implements Enderly Smallwood Biddleville Greenville North strategies and actions to drive the economic, social and cultural Park Charlotte WEST Lockwood development of Charlotte’s Center City. END 6 Work Seversville Villa The vision for Center City is a viable, livable, memorable and Optimist Heights Ashley Park sustainable place with modern infrastructure, a tapestry of great Wesley Heights Park Plaza FOURTH urban neighborhoods and a diversity of thriving businesses. WARD Hills 1 Mile As defined in this report, Center City includes Uptown, which is 12 Live 2 Miles Charlotte’s Central Business District (CBD), South End, West End THIRD 3 Miles WARD Belmont and a portion of the Midtown neighborhood. Data associated with Bryant Park FIRST UPTOWN Plaza-Midwood WARD the term “3-Mile Ring” pertains to the neighborhoods within three Westover miles of “The Square” at the intersection of Trade and Tryon streets. 18 Experience West Boulevard Hills SECOND WARD Wilmore 74 MIDTOWN Commonwealth Revolution Brookhill Elizabeth Park SOUTH 28 Stay END Chantilly Cherry Dilworth Coliseum Southside Drive 30 On The Go Park 74 Center City Partners’ Eastover On The Horizon Jurisdiction includes: Sedgefield 34 • Uptown (Charlotte’s Central Park Road/ Myers Business District - CBD) Freedom Park • South End Park • West End • Midtown Light Rail Streetcar Streetcar Construction 250 Years and Still Going Strong Two hundred fifty years ago, at the juncture of two Native American trading routes, this city was founded as Charlotte-Towne, in honor of Her Majesty Queen Charlotte of Mecklenburg. Since then, the area around that intersection—Trade and Tryon streets in Uptown—has transformed into a dynamic urban center that is the region’s center of commerce, hospitality and culture. Charlotte Center City is the fifth-busiest CBD in the country for office Importantly, Center City is a place where all are welcome. Ninety-two construction, behind only New York, Chicago, Seattle and Washington. percent of Mecklenburg County residents have visited Uptown in the This development velocity has set Uptown on pace to have our most past year, most of whom choose to spend time and money in Center productive office construction decade in history—a projected 7 million City for culinary, arts and sports experiences that cannot be replicated square feet by 2020. elsewhere in the market. Through robust employment, entertainment, transportation and living options, the urban core provides the region’s One result of this growth in office space and jobs is the rapid in-migration greatest platform for inclusive economic development and opportunity. of young, skilled talent seeking opportunities. They come for the jobs, but they stay for the city’s relative affordability and quality of life Today, Charlotte Center City continues to distinguish itself as a center delivered through our parks, greenways and linear parks; transit-oriented of commerce and as a destination. As we look ahead, we continue to neighborhoods; breweries and retail offerings. More than half of all see Charlotte as one of the world’s great cities. Our work is not yet apartments under construction in the MSA are within three miles done in achieving that vision—but our future is bright. of Trade and Tryon streets. These are the attributes the modern workforce demands and that position our city well as we compete for jobs and talent. A diverse industry base continues to attract workers with college degrees to Charlotte at a rate more than twice the national average. Innovations in fintech, growth in startups and continued strength in health care, financial services and energy fuel the recruitment of sought-after millennials. In short, Center City is the job engine for our region. The assets that attract new residents to Uptown, South End, West End and Midtown are also attractive for visitors. Demand for additional hospitality Rob Engel Michael J. Smith Chairman, Board of Directors President & CEO inventory has driven incredible growth in Center City hotel rooms, with a 54 percent increase in room nights booked in the past 10 years. 2 2018 Snapshot TALENT ACCESS INCLUSION AMENITIES VALUE 11% 1.2M 13% 125+ 21% 5 year growth in Charlotte’s residents are within a 30-minute of the city’s dedicated affordable pro sports events per year lower office rents population of young professionals commute to Uptown housing is located within 3 miles with 4 professional sports than peer city CBDs versus 3% across peer cities of Trade and Tryon teams based in Uptown 17% 19 100% 245+ 8% 5 year growth in experienced miles of light rail with 26 of arts organizations based in restaurants with lower overall cost of professionals versus 11% across stations and 11 Park & Ride lots Center City have programs to 38 new opened in 2018 business than peer cities peer cities allow for free and low cost access 14,749 705+ 92% 22 26% tech workers moved to Charlotte daily departures of Mecklenburg County residents craft breweries within lower apartment rents from 2011-2016, the second highest to 173 non-stop destinations come Uptown at least once a year 3 miles of Trade and Tryon than peer city CBDs growth in the U.S. behind the San from Charlotte Douglas Francisco Bay area International Airport 3 Development FAST FACTS* 5TH busiest CBD in the U.S. for office construction Since 2013, Charlotte Center 10th-busiest metro area for City has added more than housing permit activity. More than $1.7B 6,000 apartments, 2.65 million half of all apartments being built in projects currently under construction square feet of office, 1,015 hotel in the MSA are within three miles rooms and 567,000 square of Trade and Tryon. The continued feet of retail. Center City is the investment in Center City is being 6.9M fifth-busiest CBD in the U.S. for driven by the ongoing economic square feet of office planned office construction behind only growth of the region coupled or under construction New York, Chicago, Seattle and with a desire for urban living Washington. Charlotte is the and work environments. 8,458 housing units planned or under construction , 2 310 hotel rooms planned or under construction 948,167 square feet of retail planned or under construction PRESENTED BY mvalaw.com *Development Fast Facts are from 12/13/2018. For current numbers, please contact CCCP. 4 DEVELOPMENT The most important result of Center City development is an influx of new talent, residents and visitors. As more people become part of this place, the region continues to grow its capacity to innovate, engage and entertain. DEVELOPMENT BY DECADE OFFICE SPACE FOR 30,500 OFFICE WORKERS BUILT FROM 2010-2019 RETAIL SPACE FOR 93 NEW SHOPS AND RESTAURANTS HOTEL SPACE FOR 800,000+ OVERNIGHT VISITORS RESIDENTIAL SPACE FOR 17,500 NEW RESIDENTS Source: Charlotte Center City Partners 5 Work FAST FACTS 11.8% vacancy rate in Center City In Charlotte Center City, a talented Center City’s diverse industry $33.85 workforce, desirable office spaces base coupled with the region’s average Class A rent per and accessibility makes a vibrant quality of life has been key square foot in Center City place to do business. National and to attracting and retaining international investors have been talent, leading to the economic eager to acquire and develop growth that is driving new office 116,000 properties, with record prices development. Post-recession, the Uptown worker population for asset sales in 2018. Property region has attracted on average owners have invested heavily in more than 34,000 new college 19,257 existing buildings, with more than educated residents per year. South End worker population $90 million invested in ground floor renovations during the past two years. 71% growth in Center City employment over 15 years $582M raised in venture capital funding in 2017 PRESENTED BY cbi-nc.com 6 WORK We are pleased to locate our global corporate headquarters in Charlotte along with the headquarters of“ our fastest-growing business, Safety and Productivity Solutions. Charlotte is a great fit for Honeywell’s long-term needs, both because of the proximity it affords us to three of our major businesses in the Southeast and because it is a business-friendly