83 / 125
82
│
Town Center Plan
January 2007
Appendix 4
Market Opportunities Assessment
Existing market information was analyzed along with the economic context, and some findings are
provided with respect to the overall market factors impacting on opportunities within the Town Center.
These market considerations and opportunities are summarized by use below.
Residential
•
Growing regional employment base, driving demand for residential particularly in the centrally-
located Morrisville area.
•
Morrisville reputation has changed from “poor stepsister” of Cary to desirable and centrally-located
place to live with good schools
•
Apartment market driven by job relocations. Many rent for one year while deciding where to buy.
Morrisville seen as particularly desirable by newcomers and many chose to purchase in this
area.
•
Area was over-built for condominium and townhouse development, but demand is now aligning
with supply. Townhouse (higher density housing) absorption in area has been relatively strong,
with nearby development averaging seven units per month.
•
Affordable 1-story houses (e.g., “patio homes”) are extremely popular with families and will
increasingly satisfy demand from boomers/ empty nesters for easy-to-maintain affordable housing.
Carpenter Park is good example of this mass-market product that would be even more marketable
in a Town Center neighborhood setting.
•
Patio homes might be complemented with mid-rise senior housing on the periphery of the town
center area to accommodate growing demand as the area attracts the relocation of senior parents
of the professionals who work in RTP and live in the Triangle. Senior living associated with area
religious and other “affinity group” designations would be logical in the study area. It is also logical
to place senior housing within walking distance or a short drive of the cultural, professional (i.e.,
medical, insurance), and retail uses within the town center.
•
The town center’s
vintage, single-family detached homes
are desirable and the strengths of this
community can be expanded upon through infill or addition. Some infill higher-density product
would also perform well, depending on design. There is one somewhat competitive TND product
in the immediate area, Carpenter Village. However, this community has a much more “urban”
context and high-density development envelope than the existing “rural” Morrisville town center.
Retail
•
The area’s overall retail potential will increase as more residential development comes on line in
the near future.
•
There may be neighborhood retail and service opportunities generated by this growth. However,
convenience retail and restaurant markets will be largely captured by existing and planned
competitive developments within a short walk or drive of the study area
.
•
The central location does provide opportunities for destination retail, but roads are not capable of
handling destination capacity.
•
There are opportunities for highway convenience and specialty retail, but those are generally
confined to the two main roads. There are physical constraints to access from those roads,
thereby limiting highway-oriented retail development. Nevertheless, there is good overall visibility
and high traffic volumes that support retail uses.