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Weigh in on the Charlotte Area Planning Process While There’s Still Time

YOU ARE INVITED TO SHARE YOUR INPUT! Charlotte Future 2040 Community Area Planning Workshops continue this fall, and information shared at the workshops is available online through the "Supporting the Vision" Webtool.

Navigate through 5 virtual stations to learn about planned projects and available programs that will support future development. Then share your input about other needed projects and programs in your community via the surveys at the end of each page. Station topics include:

The web tool will be active and receiving input through November 15, 2024. Input received through the “Supporting The Vision” web tool will be used to develop the Charlotte Future 2040 Community Area Plans.

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Two Important Advisory Committees Are Seeking Members

The City of Charlotte and Mecklenburg County are seeking members to fill vacancies on two important advisory committees.

ONE

City Council action established the City’s Alternative Compliance Review Board (ACRB) as a quasi-judicial board on June 17, 2024. This board will become effective no sooner than October 1, 2024 (more likely to be confirmed in November). The ACRB provides alternative compliance for certain design regulations based on the criteria found in Articles 35.5 and 37.1 of the Unified Development Ordinance. The ACRB will approve, approve with modifications, or deny requests for alternative compliance to select standards identified in the UDO for the applicable zoning districts. If interested, please get in touch with one of the following:

[email protected], [email protected], or [email protected]

Committee Member Details

5 regular members (1 must live outside of Charlotte city limits, but within the Charlotte ETJ (extraterritorial jurisdiction)

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Federal Reserve Dials Back Basel III Endgame Regulation

Originally published on September 18, 2024, by Aquiles Suarez for NAIOP.

On Sept. 10, in a speech given at the Brookings Institution of Washington, D.C., the Federal Reserve’s Vice Chair for Supervision Michael Barr announced that the central bank would be revising and re-proposing its bank-capital rules proposal commonly referred to as their Basel III Endgame Regulation. The regulation, first proposed in 2023, would have mandated a dramatic hike in the capital requirements on major banks and garnered intense criticism from the private sector, including from NAIOP and its real estate allies, who raised concerns about the negative impact the new regulations would have on the availability of credit for commercial real estate. In a clear victory for NAIOP and real estate, Barr made clear in his speech that the Federal Reserve (Fed) would be scaling back the regulation.

Basel III is a reference to the Basel Accords, an international standardized approach to banking regulation focused on levels of bank capital and other requirements designed to enhance the safety and soundness of global financial institutions. The Basel Committee on Bank Supervision administers the accords, and Basel III, which originated in response to the great financial crisis of 2007-2008, is the third phase of Basel. The “Basel III Endgame Regulation” is the term used to refer to the final regulation of that phase. In July 2023, the Fed, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, jointly proposed the Basel III Endgame regulations for public comment, with the intent of issuing these in final form by mid-year 2024.

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Apartment Construction Hits Historic High in 2024

Originally published on September 6, 2024, by Veronica Grecu for NAIOP.

In 2024, the U.S. is set to achieve a new milestone in apartment construction: For the first time in history, the number of apartments completed in one year is anticipated to surpass the 500,000-unit mark. Developers are on track to complete over 518,000 rental units, which marks a significant 9% increase compared to 2023 and a 30% rise from 2022.

The New York metro area leads the nation in new apartment construction in 2024, followed by Dallas and Austin. Together, these three metros are expected to account for about 10% of all new apartments nationwide by the end of the year.

Looking ahead, developers plan to bring 2 million new apartments online by 2028, despite facing uncertainties in many markets. Approximately 47% of the 369 metro areas analyzed are projected to build more apartments in the next five years than they did between 2019 and 2023.

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Adaptive Reuse Apartments on the Rise Again

Originally published on August 24, 2024, by Veronica Grecu for NAIOP.

In 2023, the trend of transforming buildings into apartments saw a significant revival, nearing the peak levels of 2019 and 2020, as developers responded swiftly to the increased demand for housing after a two-year slowdown.

This resurgence resulted in 12,713 new apartments, marking a substantial 17.6% increase from the previous year. The momentum for adaptive reuse is expected to continue, with an estimated 151,000 rental apartments currently being converted, including 58,000 from former office spaces.

While office spaces are popular for future projects, hotel conversions dominated last year’s adaptive reuse landscape: A record 4,556 apartments emerged from repurposed hotels in 2023 alone, a 38.8% increase from the previous year and nearly double the output in 2021. This surge in hotel conversions is the most significant since 2016, with 3,061 apartments created.

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CREW Charlotte’s Alphabet Soup Event 2024: The ABC’s of Networking

September 10 | 4:30PM - 7:30PM | The Hamilton

Join CREW Charlotte for its Alphabet Soup Networking event. Come network with colleagues from all of the local CRE Organizations!

This year we will have karaoke again so be ready to sing! Hear from some of the CREW Charlotte Board and other members and guests! Don’t worry, it is not required and is in a separate space so you only participate if you want to!

Appetizers and two drink tickets included (good for non-alcoholic beverages, beer, wine, or use 2 tickets for a mixed drink)

$95 per ticket if purchased before August 20th, $115 after August 20th

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Department of Energy Defines “Zero-Emissions Buildings”

Originally published on August 7, 2024, by Eric Schmutz for NAIOP.

In June the U.S. Department of Energy (DOE) released the National Definition of a Zero Emissions Building (ZEB). This definition is the result of DOE and White House listening sessions held over the past year to obtain stakeholder concerns and feedback. 

Under the national definition, a building that achieves zero operational emissions from energy use must be, at a minimum:

  • Energy efficient.
  • Free of on-site emissions from energy use.
  • Powered solely by clean energy.

DOE states that the new ZEB definition is not a regulatory standard or certification; the definition should be used as a guidance that public and private entities may adopt to determine whether a building has zero emissions from operational energy use. The definition has been developed to apply to existing buildings and new commercial and residential structures construction. Operational emissions are based on the whole building’s energy use, including emissions from tenants, and do not include carbon offsets.

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Quick Reads on Local Public Policy

The mission of the Real Estate & Building Industry Coalition (REBIC) is to catalyze positive outcomes for those working to create a healthy real estate market in the Charlotte region by using our voices to advocate, educate, connect, and advise. Subscribe to REBIC’s Two for Tuesday: quick reads and upcoming events in the region.

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Mecklenburg Mobility Plan Has Legs

For several years now there has been an ongoing dialogue among government leaders about how best to meet our transportation and mobility challenges within Mecklenburg County and throughout the region.  Last Friday an initial agreement was reached, and the following statement was issued to the media:

The Managers of Mecklenburg County, the City of Charlotte, and a majority of the six towns included within the County have successfully concluded meetings leading to the preparation of draft legislation enabling a countywide referendum on a one-percent local sales tax to fund mobility initiatives countywide, and the ability to establish a regional transit Authority.  

Elected officials for each jurisdiction will now consider this draft legislation and after review will be asked to pass resolutions supporting its advancement to the North Carolina General Assembly.  If approved, the request will be formally submitted to the North Carolina General Assembly where local government, business, and community leaders hope to gain adoption of enabling legislation to allow the voters of Mecklenburg County to determine their transportation future by making a choice for increased regional transportation infrastructure investments for both roads and transit.  

If the referendum is authorized, local leaders will engage the broader community about how previous mobility plans, including those for expansion of our public transit network, may be modified to match available resources and support the continued growth our region is experiencing.  That process will be essential to winning broad public support for the mobility plan.  This is a vital step toward meeting our region’s numerous mobility needs over the coming decades.

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Special Districts: Tools for Commercial Areas in Transition

Originally published on July 29, 2024, by Malaika Rivers for NAIOP,

How many different commercial areas in your market are in transition? Maybe a professional or minor league sports team is considering a new mixed-use development, or an industrial area is attracting a growing residential community. On the flip side, perhaps the nearby office campus sits partially empty, or the local mall cannot attract shoppers the way it once had. These changes are familiar market landscapes to commercial real estate professionals, but they may not be as familiar with the tools to help maneuver these transitions.

One such tool can channel the voices and dollars of commercial real estate owners to great effect. Known as special purpose districts, special service districts, or a host of other names, special districts harness resources that benefit a variety of commercial centers.

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Effective Strategies for Reinforcing Safety Through Design

Originally published on July 24, 2024, by Ethan Harris for NAIOP.

From design/build condos to built-to-suit warehouses, one factor remains the highest priority regardless of the project type: the approach to upholding the highest level of safety. Although safety exists as a core value across all areas of the construction industry, the increased risk of serious injuries or fatalities persists. Construction workers are ranked number four on the United States Bureau of Labor Statistics list of occupations with the most fatality rates.

Considering this heightened risk, it’s important for every team member, from subcontractors to superintendents, to take responsibility for safety compliance, empowering others to take responsibility for not only their own actions but the actions of those around them. To help enhance safety efforts for the project from start to finish, safety leaders are focusing on ways to implement safety standards within each component of the building’s design. Although this approach requires comprehensive planning and strategizing on the front end, it is intended to reduce and mitigate hazards before they become issues. Keeping this idea in mind, the following are a few actionable methods for managing projects designed around safety compliance.

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New Build-to-rent Homes Reach All-time High

Originally published on July 16, 2024, by Alexandra Both for NAIOP.

The popularity of new homes built for the purpose of renting is peaking. Two drivers behind this boom are the rise of remote work and millennials reaching prime homebuying age while facing challenges in purchasing property.

But which areas have contributed the most to this growth? To answer this question, and to map out the future of this niche market, RentCafe.com analyzed Yardi Matrix data on single-family homes for rent in professionally managed communities.

In 2023, a record-breaking 27,500 build-to-rent homes opened their doors, up 75% compared to the year prior. Lifestyle changes in the aftermath of the COVID-19 pandemic led to new peaks each year, culminating this past year.

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Gallup Report Indicates Need for In-Person, Engaged Workplaces

Originally published on June 27, 2024, by Jennifer Lefurgy, Ph.D. for NAIOP.

If an average person’s work hours were aggregated at the end of their career, it would total approximately 13 continuous years. Work consumes so much time and energy that if it doesn’t go well, it can become a psychological drain that impacts employee productivity and engagement. Numerous studies have shown that mental well-being at work is on the decline.

Has remote work hurt employees and is it time to return to the workplace to boost social connections, receive in-person mentoring and reduce isolation? The answer may be yes, but there is also a need for employers to create supportive and well-managed workplaces.

Gallup’s annual State of the Global Workplace report found that just over half of employees in North America are not engaged (51%), meaning they are uninspired by their work and do the bare minimum, and 16% are actively disengaged and seeking a new employer. According to the survey, employee disengagement accounts for $8.9 trillion in lost productivity worldwide.

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Iredell County Planning Board Tables Development Density Limits, For Now

Iredell County Commissioners recently directed staff to initiate a text amendment to its land development code that would have, among other things, limited density to one unit per five-acre parcel in some parts of the county.  The measure was drafted and presented to the Iredell County Planning Board during last week's meeting where it was considered and debated.  Some board members expressed concern about the adverse impact this amendment could have on housing affordability.  Ultimately, it was determined the proposal necessitated additional discussion and it was tabled for the time being.  We will continue to weigh in as the measure receives future consideration.   

View Text Ammendment

Watch the Annual Report Mid-Year Highlight Video!

The Charlotte Future 2040 Team is pleased to announce the release of the Annual Report Mid-Year Highlight video. This video showcases stories from their partners about progress toward implementing the Charlotte Future 2040 Comprehensive Plan. It serves to honor the hard work being done by various city and county departments.

The Mid-Year Highlight offers a snapshot of select projects and programs being implemented by their partners. Additional projects and programs will be featured in the upcoming Charlotte Future 2040 Annual Report. For more comprehensive information on the Annual Report, interested parties can visit the official website.

Viewers are encouraged to watch the Mid-Year Highlight video to learn more about how the City of Charlotte is honoring the vision for their beloved city and advancing the goals of the Charlotte Future 2040 Plan. The video can be accessed via a button provided in the original communication.

Watch Mid-Year Highlight VIdeo

City of Gastonia Implements Microtransit Service

On July 1st, 2024, the City of Gastonia ended public bus operations for its residents and initiated the GoGastonia Microtransit service.  This came about when the Gastonia City Council approved a 36-month contract with River North Transit, LLC to provide on-demand transit services to riders, who currently complete approximately 144,000 trips annually.  This new delivery system will not displace ADA transportation services.

The City also determined that on-demand microtransit would better address its limited-service area, alleviate hour-long wait times, eliminate an aging fleet of buses, and provide better access to the majority of its users.  In the past fiscal year, Gastonia Transit had been operating six fixed bus routes covering nearly 295,000 miles per year while providing service to over 144,000 passengers.  The previous system was averaging only seven passengers per vehicle hour across all routes.

Want to learn more?  Tomorrow, July 17th from 10:00 am to 12:00 pm at the Gastonia Career Center, 116 Armstrong Street, Gastonia, NC 28054, the City of Gastonia will be holding several information sessions about the new service. 

RSVP Here 

Town of Matthews Seeking Controls on Short Term Rentals (STRs)

The Town of Matthews has initiated an effort to curb Short Term Rentals (STRs) through the introduction of a text amendment to its Unified Development Ordinance (UDO).  Text Amendment 2024-2 does the following:

  • STRs would be required to be separated from each other by a minimum of 800 feet, measured from property lines.
  • They would be required to have a zoning permit and the permit would need to be posted publicly.
  • Renters would not be allowed to hold special events or gatherings.
  • A local manager or operator would be required to be located in or adjacent to Mecklenburg County.

During recent Commissioner meetings, several residents spoke in favor of imposing these restrictions but based on information provided by the Town, it is unclear how significant a concern this is to the vast majority of the population.  A review of the minutes of recent meetings indicates there have been a total of ten calls to the police related to STRs during the past three and a half years.  Of those, five were initiated by the STR owners and the other five came from area homeowners.  According to Town Staff, there are currently somewhere between 20 and 40 STR properties located within the Town of Matthews where the current population stands at over 30,000.

The public hearing on the text amendment began last night and has been extended to August 12th (STR conversation runs from 2:50:36 through 4:51:40).  Look for more updates and opportunities for engagement on this topic very shortly.    

Crescent Communities Named NAIOP 2024 Developer of the Year

Originally published on June 24, 2024, by NAIOP.

NAIOP, the Commercial Real Estate Development Association, has selected Crescent Communities as its 2024 Developer of the Year – the association’s highest honor. The award will be presented during NAIOP’s CRE.Converge conference in Las Vegas this October.  

“It is NAIOP’s honor to recognize the tremendous work of Crescent Communities as the 2024 Developer of the Year. Their ongoing commitment to advancing the commercial real estate industry through cutting-edge innovation and exemplary real estate development across many property sectors is impressive,” said Marc Selvitelli, NAIOP president and CEO. “Crescent Communities has demonstrated significant market resilience and adaptability, overcoming economic headwinds to consistently deliver value.”

Since 1979, the NAIOP Developer of the Year award has been presented to a development company that best exemplifies leadership and innovation in the commercial real estate industry. Crescent Communities was selected from an impressive slate of nominees and was evaluated by a team of seasoned developers on the following criteria: outstanding quality of projects and services; active support of the industry through NAIOP; financial consistency and stability; ability to adapt to market conditions; and support of the local community.

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Building Supply Chain Resilience into Industrial Development

Originally published on June 6, 2024, by Natalie Fidlow, CFA for NAIOP.

When a catastrophe hits an area, nearly one-third of local businesses fail within two years; another third fail after that.

Moderator Anne Strauss-Wieder, freight and public policy instructor at Rutger’s University, opened an expert panel discussion on why businesses and communities need supply chain resilience at the I.CON East conference this week in Jersey City, New Jersey. Fortifying the supply chain is essential to secure the long-term viability of a business and its surrounding community. Disruptions over the past few years like the COVID-19 pandemic, natural disasters, and cyberattacks have underscored the vulnerability of supply chains and the need for robust strategies to mitigate risks.

How should we approach disruption?

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Rooftop Solar’s Triple Play of Revenue, Community and Sustainability

Originally published on June 6, 2024, by Brielle Scott for NAIOP.

Rooftop and community solar projects can advance sustainability and ESG objectives, unlock a new revenue stream, enhance community relations, and boost property values. At I.CON East this week, NAIOP New Jersey CEO Dan Kennedy moderated a panel of speakers including Matt Schlindwein, P.E., managing partner for Greek Real Estate Partners; Mark Schottinger, president at Solar Landscape; and Kat West, LEED AP, director of sustainability at Turner & Townsend, to explore the transformative potential of rooftop and community solar projects for the industrial real estate sector.

Schottinger was direct from the start: “If you’ve got a warehouse, I want to lease your roof.”

Solar power, historically, meant solar panels on the roof generated power that was used by whoever was in the building, with zero potential for scalability.

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