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The Research Triangle Park: Briefing

The Research Triangle Park: Briefing. Transforming the Region’s Economy. RTP was founded in 1959 by business, government and academic leaders to stem the “brain drain” and shift the agricultural, manufacturing and government economy to a research and technology focus . It was a BIG BET!

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The Research Triangle Park: Briefing

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  1. The Research Triangle Park: Briefing

  2. Transforming the Region’s Economy RTP was founded in 1959 by business, government and academic leaders to stem the “brain drain” and shift the agricultural, manufacturing and government economy to a research and technology focus. It was a BIG BET! The Research Triangle Foundation (RTF) is the non-profit entity responsible for the management, development and relationships within RTP. 2

  3. How has that ‘Big Bet’ and the commitment of the Triangle Region paid off?

  4. Educational Attainment & Connectivity We are extremely smart and well connected… • 45.9% College Degree 23.3% Bachelor 14.2% Graduate/Professional • Three tier one research universities • Two nationally ranked business schools • Two nationally ranked engineering schools • Nine other colleges and universities and seven • technical community colleges • 150,000+ students (university/community college) • 24,000+ bachelor degrees or higher earned a year

  5. RTP TODAY

  6. RTP Today 12

  7. DIVERSE PORTFOLIO

  8. RTP COMPANY MIX • LARGE AND SMALL Number of Employees 14

  9. NURTURING NEW COMPANIES Over 1,800 start-ups have been created by RTP companies & the three research universities since 1970 • Park Research Center • 13-building campus • 75,000 ft2 of office/lab space • First Flight Venture Center • Established in 1991 • 16,000 ft2 of office/lab space • >150 graduates • Hamner Institutes for Health Sciences • 150,000 ft2facility • Planned buildout of 1,000,000+ ft2 • Alexandria Innovation Center • Owned and managed by Alexandria Real Estate Equities, Inc. • 150,000 ft2 campus 15 15 15

  10. RECREATIONAL AMENITIES • 16 miles of jogging/pedestrian trails • 4 softball diamonds (spring/summer leagues) • 12 volleyball courts (9 grass and 3 sand) • 2 miles of mountain biking trails

  11. LOCATING IN RTP

  12. Project Opportunities & Challenges Building Sites Remaining - Site Acerages12-100s Leased space (Mulit/Single Tenant) Entrepreneurial/Start-up Space Redevelopment Phase 1

  13. GREENFIELD DEVELOPMENT Sites ranging from 12 acres to 100+ acres $125,000/AC - $175,000/AC 19 Sources: North Carolina State Demographics (2000, 2005), U.S. Census American Community Survey (2000, 2005), Employment Security Commission of North Carolina (2006)

  14. RTP Covenants Updated March 2013 • Control uses • Allow certain manufacturing activity with high degree of scientific input (determined by percent of employees in technical, professional and kindred classifications, by industry) • Establish Board of Design • Grant Right of First Refusal to repurchase property for resale • Establish Owners & Tenants Association and association voting rights • Property taxes are only paid to the county. RTP cannot be annexed into surrounding municipalities 20

  15. LEASED SPACE • Multi-tenant Buildings / Developments • Research Commons • Park Center • Progress Center • One Park Drive • Buildings on Individual Sites • 7001 Development Drive (205,310 SF) • 8001 Development Drive (262,000 SF) • RTP Area Average Pricing Details • Class A Office - $18 – $22 sqft Full-Service • Manufacturing: $8 - $12 sqft NNN 21 Sources: North Carolina State Demographics (2000, 2005), U.S. Census American Community Survey (2000, 2005), Employment Security Commission of North Carolina (2006)

  16. RTP Redevelopment

  17. BUILD A TRANSFORMATIVE VISION FOR THE FUTURE Beukenhorst (Park 2020) – The Netherlands

  18. MARKET OBJECTIVES The goal of the Master Plan is to create an environment that will allow RTP to continue to be an economic driver for the innovation economy. This goal will be achieved by maintaining the Park’s attractiveness to existing tenants and owners, facilitating opportunities for existing companies to expand on site, and broadening the Park’s appeal to additional types of companies, including those not historically found at RTP.

  19. Realizing the Plan • Inputfrom Park companies and the community • Multiple projects phased over time • Regulatory updates & use changes • Collaboration with partners: owners, universities, government, developers

  20. Development Clusters Mixed-Use Center Park Center Research Cluster

  21. Development Clusters: Mixed-Use Center • Research is the core land use • Mix of retail, residential, hotel and education • Shared Open Spaces 28

  22. Development Clusters: Mixed-Use Center 29

  23. Development Clusters Mixed-Use Center Park Center Research Cluster

  24. Development Clusters: Park Center • Business support cluster • Regenerate and renew • Increase intensity • Restore natural systems 31

  25. Development Clusters: Park Center 32

  26. Development Clusters Mixed-Use Center Park Center Research Cluster

  27. Development Clusters: Research Cluster • Research focus • Amenity core • Increase intensity through infill • Integrate natural systems 34

  28. Development Clusters: Research Cluster 35

  29. Make RTP Land More Productive Zoning for Infill Development

  30. Bob Geolas President & CEO Research Triangle Foundation geolas@rtp.org www.RTP.org @BobGeolas - Twitter Mason Ailstock Vice President of Business Development Research Triangle Foundation ailstock@rtp.org www.RTP.org @MasonAilstock - Twitter THE RESEARCH TRIANGLE FOUNDATION OF NC @TheRTP 919.549.8181

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