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UNC STUDY SHOWS BIG DIFFERENCE IN PROPERTY VALUES DOWNTOWN AND ON SEVENTH AVENUE EAST

UNC STUDY SHOWS BIG DIFFERENCE IN PROPERTY VALUES DOWNTOWN AND ON SEVENTH AVENUE EAST  UNC STUDY SHOWS BIG DIFFERENCE IN PROPERTY VALUES DOWNTOWN AND ON SEVENTH AVENUE EAST

 

As plans go forward to put the Historic Seventh Avenue East District and its "special district" tax money under the control of the City of Hendersonville, much like the "downtown special tax district", some clear difference in property values were reflected in a recent study of the Seventh Avenue East Disitrict by the UNC School of Government. 

The Hendersonville Times-News reported on Thursday...a standing-room-only crowd filled the meeting room inside the Historic Train Depot on Maple Street Wednesday night to hear updates on an ongoing study that may shape the future of Seventh Avenue.

The UNC School of Government’s Development Finance Initiative began studying the Hendersonville district in February, looking at tax records and building permits to gauge the market.

Will Lambe, director of the DFI Community and Economic Development Program, presented their initial findings Wednesday night. The figures showed “a pretty big gap in property valuation” between their study area and the city’s downtown municipal service district along Main Street.

Properties were valued in the Seventh Avenue study district at about $32 per square foot, on average, compared to the downtown MSD’s $74 per square foot. Other figures put the Seventh Avenue district on the low end for rental prices and the high end for vacancies, and showed a nearly 21 percent gap between sales prices per square foot among the two downtown districts.

But the figures also reflected a future growth in demand for residential and commercial properties in the city… a demand that could be met, in part, with improvements to the Historic Seventh Avenue District.

“We’re at the point in this project where we’re trying to understand the market dynamics, the market realities of this district in the city of Hendersonville, in the city of Hendersonville at-large and in the region,” Lambe said. “The result, we hope, from this work is expected to come in the next 30 to 60 days.”

Hendersonville City Manager John Connet told WHKP News this week that when the city takes control of the Seventh Avenue East District, the city's additional resources will be made available to the district; a Seventh Avenue East "advisory" board will be appointed; and there are no plans to raise the "special district" tax paid by Seventh Avenue District property owners.  

 

 

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