City receives update on redevelopment of Union Street properties
Monday, February 15, 2016

Presentation from UNC Development Finance Initiative part of 2016 planning session

CONCORD – The Concord City Council has concluded its annual planning session, which began on the afternoon of Tuesday, February 9 and resumed on Friday, January 12. Each year, the Mayor and City Council meet with the City Manager and staff leadership team to receive updates on current year projects and establish focus areas for the upcoming fiscal year. The presentations and discussions at the planning session form the basis of a goals statement to be adopted by City Council, and will establish priorities to help the City Manager recommend the FY 2016-17 budget in May.

As a part of this year's planning session, the City Council received an update on the Downtown Master Plan process that is underway. The City has engaged the Development Finance Initiative (DFI), a program of the School of Government at UNC Chapel Hill, to assist with the market analysis phase of the master plan.

In addition, DFI is assisting to determine redevelopment plans for the City of Concord’s former Municipal Building and City Hall Annex sites on Union Street South in Downtown Concord.
Photo courtesty Michael A. Anderson Photography
DFI partners with local governments in North Carolina to attract private investment for transformative projects by providing specialized finance and development expertise. DFI has over 70 projects of varying size and scope in over 50 communities throughout the state.

DFI’s predevelopment process began in late summer 2015 and will culminate in a detailed redevelopment plan for the two City-owned sites, including a development solicitation to attract and evaluate development partners for both sites. DFI is targeting early fall 2016 for completion of their work, key components include an examination of current conditions, market analysis, site analysis, determination of guiding public interests and detailed financial analysis.

Photo courtesty Michael A. Anderson PhotographyAt the planning session, DFI provided an update on their work to-date, focusing on base case market analysis results for downtown. DFI’s market analysis projects historical market data to determine base case market demand that will inform redevelopment planning. Using this approach coupled with capture rates based on existing development in Concord, base case findings indicate that very strong residential growth and downtown's unique character offer an opportunity for mixed-use development.

Over the coming months DFI will continue their work toward redevelopment plans for both sites. Interested members of the public are invited to learn about this project and receive an update from City staff and DFI at 6:00 p.m. on March 8 in City Hall (35 Cabarrus Avenue W). For more information about these available properties or the Downtown Master Plan process, contact the Planning and Neighborhood Development Department at 704-920-5151.

*Photos courtesy Michael A. Anderson Photography.