Ouch! Obviously stung by Council member Jim Wards comment about “switch-n-baiting”, RAM Development’s VP Casey Cummings delivered a death blow to Council’s request for affordable condo fees for the affordable housing units and a commitment to energy efficiency.
What use is it for the Land Trust to “sell” a condo to an affordable housing applicant just to have them priced out by condo and parking fees?
On the energy front, as former OWASA board member Terri Buckner notes over on OrangePolitics
Not a single citizen speaking at last night’s hearing or at the first public hearing on Lot 5 challenged the Council to ensure energy efficiency. There seemed to be an assumption that “LEED certified†means the development will be energy efficient. However, LEED certified is the lowest level of LEED and even at Platinum status there is no assurance that a LEED building will be energy efficient. To get around that problem, the state of North Carolina has adopted ASHRAE 90.1 for all state constructed buildings.
Chapel Hill is not willing to meet the same requirements as NC State? Dang, we usually lead the State in environmental initiative.
As far as “bait-n-switch”, RAM was challenged last year on their original rosy financial projections. Were they knowingly over promising expecting to under deliver to get the deal?
In the most stark example, Grubb’s financing model would produce a 21.77 percent return on its $10.5 million investment in condominiums on the Wallace Deck site. Ram sees only a 2.98 percent return on its $23 million investment there.
“If they’re willing to do it for that,†Harris said, “God bless ‘em.â€
Even if the company wanted to, Grubb couldn’t make a counteroffer, Stainback said, explaining that the proposals are considered “best and final offers.â€
Two council members asked Cummings whether Ram’s financial model was too good to be true.
He said no projection ever is exactly right but that his company hopes to ride the growing trend of people returning to downtown.
After the meeting, Ivy Greaner, Ram’s managing partner, said the profit margins are healthy enough to sustain the project.
But Ram also is seeking a foothold in North Carolina. The company is willing to make less money in Chapel Hill to get a centerpiece project in the Triangle.
“This is a special town,†Greaner said, in a suitor’s tone. “We love Chapel Hill.â€
Earlier this year, I asked the Carolina North Leadership Advisory committee to do an environmental assay of the highest caliber. It will be interesting to see this phase of Biohabitats’ research.
And kudos to UNC for scheduling two (2) sessions to accommodate the public. Yes, they’re both on the same day 😉 but progress all the same. Well done Linda and crew…
Subject: Carolina North Community Meeting, December 13
Dear Friends and Neighbors,
Many of you have expressed interest in Carolina North. I am writing to invite you to a review of the draft ecological assessment recently completed as part of the discovery phase of our planning process.
Chancellor Moeser has said that Carolina North will be a model of sustainability. As one of the first steps to that goal, Biohabitats, Inc. has produced an ecological assessment to inform our planning. We are eager to get your input to help us shape effective plans for sustainable development at Carolina North.
To accommodate different schedules, we will hold two sessions. The information reviewed at both will be the same so attend whichever is most convenient for you.
Both sessions will be on Wednesday, December 13th in room 2603 of the School of Government:
3:00 – 5:00 PM. Parking available in either the Hwy 54 Visitor Lot or n the Rams Head deck.
6:00 – 8:00 PM. Parking available in the School of Government parking deck.
Information on transit service to the School of Government is below.
If you are a neighborhood or community contact, please forward this to your group as well as any others who may be interested. We hope for extensive participation from the community. My apologies in advance to those who may receive duplicate emails.
Although an RSVP is not required, it would help with meeting logistics if you would contact Tiffany Clarke at tclarke@email.unc.edu. If you have questions about the review session content, please contact Mary
Jane Felgenhauer at mfelgenhauer@fac.unc.edu.
As always, please feel free to contact me if you would like more information. We know there is great community interest in Carolina North and look forward to working with you at this early stage.
Best,
Linda
The School of Government is served by numerous bus routes, including the FCX, HU, V. S and the RU. The U and G are available for the early session only. Please check the Chapel Hill Transit site at www.townofchapelhill.org <http://www.townofchapelhill.org/> for details.
