What’s happening here? Make sure you read to the end:

In an earlier edition of Two For Tuesday, we reported that the Charlotte Regional Transportation Planning Organization (CRTPO) Board had requested that the North Carolina Department of Transportation (NCDOT) prepare a comparative analysis to compare a traditional toll alongside and a Public Private Partnership (P3) delivery for additional lanes for the eleven-mile segment of I-77 running through the City of Charlotte and south to the border of South Carolina. Those results were presented by representatives of NCDOT at the August 21, 2024, Board Meeting (Agenda, Minutes - item 14, pages 5-8).   

During a recent Charlotte City Council business meeting, an update was provided by NCDOT containing highlights of its NCDOT: I-77 South Express Lanes Supplemental Report and the next steps were discussed.

Some of the details of the project along with recommendations include:

Originally published on October 1, 2024, by the IRS.

The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of North Carolina that were affected by Hurricane Helene which began on Sept. 25, 2024. These taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.

Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in the entire state qualify for tax relief.

Affected taxpayers with returns and payments with due dates postponed until Feb. 3, 2025, due to Tropical Storm Debby in North Carolina (NC-2024-07) will also now have until May 1, 2025, to file and/or pay.

This fall, several communities within the region have referred bond measures to the voters for their consideration. Today we are highlighting two of those efforts.

***

The City of Charlotte is asking residents to approve three measures related to housing, neighborhoods, and transportation.

Housing - The housing bond will invest $100 million into new affordable housing for low and moderate-income residents. The breakdown looks like this:

Meet Angela Charles, Director of Charlotte Water

As the director, Angela is responsible for the county-wide water treatment and distribution, wastewater treatment and collection, utility planning, and most recently the city's stormwater system along with management activities. She leads a staff of approximately $2.46 billion. Charlotte Water maintains more than 11,000 miles of water, sewer, and stormwater pipelines, with nearly 300,000 active water connections county-wide. 

She will be updating attendees on Charlotte Water's current operations as well as sewer capacity and other relevant matters.

RSVP Now

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 was presented during NAIOP’s CRE.Converge conference in Las Vegas this month.  

“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 deliver value consistently.”

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.

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.

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)

Register Now

At NAIOP, we’re not just empowering our members as they build their businesses – we’re shaping the future of commercial real estate.

NAIOP’s 21,000 members – top developers, owners, investors, brokers and other suppliers to the industry – know that we are their strongest support as they aim high and accomplish their professional goals. Achieve professional success equipped with the information and connections you need for your commercial real estate career.

Join Now

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.

Read More

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.

Read More

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

Originally published on August 13, 2024 by Brielle Scott for NAIOP.

From John Oliver to CNN to the Wall Street Journal, everyone seems to be talking about PFAS. PFAS (per- and polyfluoroalkyl substances) are a family of manmade chemicals that have been used in manufacturing everything from apparel to cosmetics to food packaging.

In April, the federal government issued the first enforceable national PFAS regulations, and rather than just a problem for manufacturers of products with PFAS, this is now an immediate issue for owners and developers of all types of commercial real estate, and anywhere where PFAS may have been created or used.

In a recent NAIOP webinar, experts from Arnall Golden Gregory LLP, including Beth Davis, partner, and co-chair of the firm’s environmental practice; Morgan Harrison, litigation partner; and David Marmins, litigation partner; joined Patrick McKeown, business development manager for ECT2, a provider of solutions for removing difficult-to-treat contaminants from water and vapor, to discuss how developers can prepare for PFAS regulations.

Read More

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.

Read More

We are proud to introduce our new association members! The following is a list of individuals who have joined NAIOP Charlotte since April 2024:

• Kailan Boston, eXp Commercial
• Thomas Brafford, Patterson Pope Inc
• Garrott Braswell, Avison Young
• Noah Carper, Suddath Relocation & Logistics
• Margaret Doolin, Barings
• Andy Eades, Patriot Surveying & Infrastructure PLLC
• Keely Edwards, Ratzlaff Construction Company, LLC
• Jewell Gentry, Avison Young
• Will Grant, Ascent Construction Group
• Grandin Howell, DAVENPORT
• Geoffrey Lewis, GEL Engineering, LLC
• Chad Melberg, Gable Company
• Trent Michels, FuND
• Brian Mountcastle, L.F. Jennings General Contractor
• Sean Pardy, Terracon Consultants, Inc
• Zach Spencer, The Bainbridge Companies
• James Thompson, Dogwood Industrial Properties
• Paul Viverette, Multivista
• Tyler Windham, USI Insurance Services
• Adam Winters, ARCO Design/Build, Inc.

Laura Boorman Truesdale
Mary Katherine H. Stukes
Moore & Van Allen

Early preview of the article to be featured in the NAIOP Development Magazine this fall.

If you have read the news lately, you have likely heard about “forever chemicals” and the dangers they may pose. While you might be familiar with the potential impacts on human health and the environment, the implications of these chemicals on the commercial real estate industry may be less obvious.

The term “forever chemicals” refers generally to per- and poly-fluoroalkyl substances, also known as “PFAS.” PFAS are man-made and have been manufactured in the United States for over 70 years. They are used in a wide array of consumer and commercial products and processes across industry sectors and have achieved popularity and success in large part because of their unique resilience to degradation. While the chemical makeup of PFAS has made them critical to certain industries, it has also allowed them to persist widely in the environment (and potentially in humans and animals).

Full Preview

Sponsorships Now Available

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.

View & Subscribe