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Issue 4 The Northeast Community is made up of many smaller single-family homes, with a large percentage built before 1980. The older housing stock will need reinvestment over time to keep this affordably priced housing supply habitable in the future. In response, the Town of Wake Forest Planning Department is embarking on an Affordable Housing Plan in 2021-2022. This plan will examine Wake Forest’s existing housing situation within the region, identify housing needs, and develop strategies on how best to address those needs.
METHODOLOGY
needs addressed by community residents through this planning process. • Market Factors – The DuBois Campus property is envisioned as a mix of uses, built around a core educational mission and a museum commemorating the history of the site. In addition, the property could house job training, day care, recreational facilities, community meeting and activity space, and housing. • Opportunity – There is an opportunity to create a partnerships involving the DuBois Alumni Association with a public entity (local, state, federal government), Non-profit Organization, Non-Profit service provider and/or nonprofit housing developer. Issue 3 The Northeast Community as a whole has expressed the need to have more commercial shopping opportunities and jobs for area residents. While the study area is largely a single-family neighborhood, the area around the intersection of N. White Street and E. Roosevelt Avenue offers a significant commercial mixed-use redevelopment opportunity.
establishment or bars is the largest category at 9,420 SF, which is consistent with a revitalizing downtown center. Other miscellaneous merchandise stores (8,543 SF), other miscellaneous store retailers (8,643 SF) clothing stores (7,103 SF), books & periodical & music stores (3,465 SF) are some of the other store types.
Data Sources Study area data was obtained from the Wake County Property Assessor’s Department in 2020. The data includes all property assessment information on each property in the Northeast Community, including land and building assessed values, building square footage, age structure built and other relevant property information. Real estate sales information was obtained from Redfin, a national residential brokerage company that reports Multiple Listing Service (MLS) home sales data. REIS/Moody’s Analytics is a data analytics firm that provides real estate market trend data throughout the U.S. in all major metropolitan markets. They track historical activity in a variety of market segments (e.g., multi-family, retail, office, senior housing, industrial, etc.) for such metrics as building space inventory changes, asking rents, vacancy rates and annual absorption. Finally, ESRI data was used to analyze the local retail supply and demand spending from households in the Northeast Community study area.
KEY MARKET ISSUES
Issue 1 The Northeast Community does not
currently offer many multi-family housing options such as apartment buildings, which are typically rented by people who are not ready for, or interested in, homeownership. • Market Factors – The Raleigh-Durham MSA has a shortage of affordable housing. Various affordable housing developers are looking for land, on which to build affordable single-family homes and apartment communities. The Northeast Community has the potential to help meet that need in the Town of Wake Forest. • Opportunity – Rental housing would offer options for younger singles, couples, young families and offer “step-down” housing for empty- nesters. The Northeast Community can accommodate new affordable and mixed-income housing at several locations, including the DuBois Campus property and at the corner of N. White and E. Roosevelt Street, between N. Taylor Street and E. Spring Street. Issue 2 The DuBois Campus property is the largest single redevelopment opportunity in the Northeast Community. The future of this property can potentially meet a lot of the
• Market Factors – The market for
affordable housing is very strong in the Raleigh-Durham region and naturally occurring affordable housing is a rare and declining resource. In order to retain this housing supply in the Northeast Community, homeowners will require low interest loans and grants to renovate housing to make them safe and modernize them. • Opportunity – The Town of Wake Forest,
through its Planning Department, has an opportunity to offer a multi- year housing rehabilitation program, targeting low- and moderate-income homeowners.
• Market Factors – A mixed-income
residential development with additional commercial development would expand downtown across E. Roosevelt to E. Spring Street and down to N. Taylor. The area has some active commercial establishments that could be incorporated into the redevelopment and other space that is currently vacant.
IMPLICATIONS OF FINDINGS The real estate market findings indicate that the Northeast Community has various opportunities for new residential and commercial mixed-use development but in limited locations. Residential rehabilitation is needed throughout the community to upgrade the existing housing supply, to modernize interiors, and to ensure that life safety issues are addressed. This can be accomplished through a targeted neighborhood rehabilitation program. The construction of new affordable and mixed income housing is also in demand and could be introduced at a portion of the DuBois Campus property; primarily to northside currently occupied by the Wake County Public School System. Finally, an opportunity to do a mixed-use commercial redevelopment near the corner of N. White Street and E. Roosevelt Street could expand the size of downtown Wake Forest by several blocks. Higher density multi-family housing should be a core element of this redevelopment with a mixture of affordable and market rate units.
• Opportunity – The Town of Wake Forest and the City of Raleigh may
have to work with developers to make infrastructure investments in this area.
Chapter 1: Existing Conditions
Northeast Community Plan
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