Economic forecast study delivered for Uptowne

Jul. 20, 2014 @ 01:00 PM

 

Supporters of the proposed revitalization of Uptowne High Point have what they hope will be new ammunition in making their case.
Joe Minicozzi of the Asheville consulting firm Urban3 recently delivered his study on the economic potential of the Uptowne corridor if it is built out as proposed in the Ignite High Point master plan.
The report projects that completing the plan would generate an additional $2.3 million in property tax revenue for the city over 15 years.
“Returning residents, businesses and services to the urban area is crucial to the reawakening of High Point,” the report states. “High Point is not without bountiful redevelopment opportunities. The city, with a median household income greater than Greensboro and nearby High Point University, has enormous potential to retain and cultivate retail spending and entrepreneurship within city limits.”
Urban3 was contracted by The City Project to perform the study.
The study utilized real estate market trends and case studies involving other cities in providing its forecast for Uptowne.
“In other words, if a Road Diet is enacted and the proposed developments are completed, how much municipal tax revenue can High Point realistically expect to receive?” the report stated.
The report cites three case studies — East Boulevard in Charlotte, where a street diet was implemented in 2005, Haywood Road in Asheville and Greensboro’s Southside neighborhood — in making comparisons to Uptowne.
Property values have risen in all three areas in recent years, and the report argues that Uptowne offers similar potential.
“The area is well connected to High Point University and the city center, and strategically located to High Point Regional Hospital,” the report states. “Between HPU and the hospital, there are over 2,900 workers within a mile of Uptowne’s epicenter, not to mention over 4,000 HPU students. Further, area households spend a cumulative $34.6 million on retail products and services.”
pkimbrough@hpe.com | 888-3531