20 / 46
TOWN OF MORRISVILLE
18
| Technical Analysis
TOWN OF MORRISVILLE
McCRIMMON STATION AREA DEVELOPMENT MARKET ANALYSIS
Exhibit 36
Forecasted Station Area New Development Value by 2035
Land Use Category
Product Picture
Intensity
Total Demand
2010 - 2035
Total
Acres
Average Local
Market Value/
Unit or SF (2011$)
Total Estimated
Station Area
Value 2035
Share of Total Value in 2035
Traditional
Neighborhood
Design Single-Family
Homes
50' average fronts
7.4 DU/AC
101
13.7
$285,000
$28,868,417
Entry Level
Townhomes
Two-Story
14 - 20 DU/AC
494
25.7
$175,000
$86,396,678
Walkable Core
Townhomes
Two to Three-Story,
14 - 16 DU/AC
350
23.0
$250,000
$87,436,919
Walkable Core
Condominiums
Three-Story, Some
Over Retail,
18 - 24 DU/AC
186
8.5
$200,000
$37,204,266
Walkable Core
Apartments
Three- Five Floors,
Some Over Retail,
20 - 30 DU/AC
922
36.3
$135,000
$124,522,385
Neighborhood/
Walkble Core Retail
100% One Floor, some
with Office or
Residential Above
100,325
9.2
$200
$20,065,043
Neighborhood/
Walkable Core Office
Min. 50% One Floor,
some over retail, with
remaining being 2 floors
43,000
3.9
$160
$6,880,000
Regional-Serving
Office
Three - Five Floors,
.4to .5 FAR
197,700
10.0
$220
$43,493,890
Limited Service
Hotel
Three Floors
NA
8.0
$110,000/Door
$226/SF
$24,869,382
SOURCE: Noell Consulting Group
Total Acres: 138.4 Est. Total Value:
$459,736,981
5%
9%
1%
4%
27%
8%
19%
19%
6%
Value Summary
1/29/2013
»
»
EXHIBIT 36
: Forecasted Station Area New Development Value by 2035 (excerpt)
SOURCE: Noell Consulting Group