On Monday, November 7th, the Charlotte City Council held a marathon day of meetings. Two of the committees held discussions on topics of significant interest to the real estate industry. To catch up on anything you may have missed, please click on the information links below:
Transportation, Planning, and Development Committee - Agenda, Video
(Presentations)
Housing, Safety, and Community Committee - Agenda, Video
(Presentations)
Numerous vacancies remain on several Charlotte City Council-appointed Boards and Commissions.
On Nov. 8, Gastonia residents will vote on a $75 million Transportation General Obligation Bond Referendum. The City Council approved the bond referendum at its Aug. 2 meeting.
Proposed projects include:
Two and a half years after the pandemic began, the short-term future for the office sector remains uncertain, with record vacancy rates adding to the industry’s woes, according to a recent office report from CommericalEdge. And as hybrid and work-from-home business models continue to take hold — and rising inflation rates further deter workers from returning to traditional office settings — the sector’s long-term prospects are also murky.
The average full-service equivalent listing rate in the top 50 U.S. office markets was $37.58 per square foot in June — up two cents from the previous month, but down 2.6% from the previous year.
Last week, the U.S. Senate passed the Inflation Reduction Act of 2022, a $740 billion budget reconciliation measure with provisions to address climate change and energy security, extend federal healthcare subsidies, and allow Medicare to negotiate prescription drug prices. As we informed you last week, the bill, which had been negotiated by Senate Majority Leader Charles Schumer (D-NY) and Senator Joe Manchin (D-WV), contained a proposal changing the taxation of carried interests that would have harmed the commercial real estate industry and real estate entrepreneurs.
When the Schumer-Manchin agreement was announced, NAIOP and NAIOP Arizona, along with our national real estate allies, mobilized to support Senator Kyrsten Sinema (D-AZ) in her efforts to oppose the proposed changes to carried interest. In order to ensure her vote, the proposal was dropped from the bill before the legislation was brought up for floor debate.
Last week, NAIOP members met with City Council Candidates Dimple Ajmera and Marjorie Molina to discuss important issues impacting Charlotte’s CRE industry.
Compiled from REBIC, staff reports
REBIC’s Rob Nanfelt reported Tuesday that the City’s Planning Committee is taking up the matter of the proposed Unified Development Ordinance. Next month, committee members will take any additional recommendations before the third/final draft.
REBIC's Rob Nenfelt and his team put together this week's Two For Tuesday and UDO takes center stage early next week.
The Charlotte City Council has scheduled a public hearing on the proposed Unified Development Ordinance (UDO) for Monday, July 11. The Council Action Review begins at 5:00 pm followed by the Public Forum/Business meeting at 6:30 pm. An agenda should be available here by Friday afternoon. Click here to sign up to speak. 
June 23, 2022: More than 100 commercial real estate professionals registered to hear a panel of local industry professionals share their feedback on the latest draft of Charlotte’s Unified Development Ordinance (UDO). Roger Manley (BB+M Architecture), Jon Morris (Beacon Partners), Tim Sittema (Crosland Southeast) and moderator Rob Nanfelt (REBIC) discussed their participation and impacts the new ordinance will have on the future of commercial real estate development.
Do you have questions about all the development you see in CLT? Do you want to know more about how CLT plans for its future? Are you interested in influencing the future of your neighborhood?
Members from NAIOP’s three chapters in North Carolina traveled to Raleigh last week to advance the priorities of the commercial real estate development industry in meetings with state lawmakers. The top priority for NAIOP of North Carolina, the state alliance of NAIOP chapters, is the passage and enactment of House Bill 291, permit reform legislation sponsored by State Representative Jeff Zenger.
Local building permits are an essential and fundamental requirement for the development and improvement of commercial and residential properties. However, the processes for obtaining these permits can vary by city and county in North Carolina. These variations lead to uncertainties and delays in projects moving forward, which can impact the costs, financing and contractional relationships with contractors and providers of construction equipment and materials.
As part of an annual visit, NAIOP members visited elected North Carolina's elected officials today in Raleigh. Representing the commercial real estate industry’s perspective is critical to cultivate future relationships when challenges arise in the state legislature.
The SMP’s goal is to shape the mobility future for the City of Charlotte and expand on the “Safe and Equitable Mobility” goal of the Charlotte Future 2040 Comprehensive Plan (2040 Plan). The SMP dives deeper into the mobility policies of 2040 Plan to achieve a safe, connected, equitable, sustainable, prosperous, and innovative mobility vision for Charlotte. To learn more, follow this link to the Strategic Mobility Plan homepage.
SMP Virtual Engagement Sessions will be live on Thursday, May 26 (6 p.m.) and Tuesday, May 31 (noon). Meeting links will be available by visiting charlottenc.gov/smp.
originally published by REBIC with permission to repost
originally published by REBIC with permission to repost.
originally published by REBIC with permission to repost.
originally published by Brian Lewandowski, Jacob Dubbert, Michael P. Kercheval, Ph.D., and Richard Wobbekind, Ph.D. with permission to repost.
