products (some for-sale, but most for-rent) in either standalone communities or mixed-use environments. There has been cautious optimism in many towns about the opportunity to diversify a housing portfolio that attracts new residents. However, some fear the general notion of new multi-dwelling development (especially rental products) because of older, less desirable products in town; increased densities and their potential negative impacts; or perceived harm to property values. There are now examples all over the Triangle Region that demonstrate increased densities can be mitigated with high-quality building architecture, site design, and increased infrastructure capacity. Many multi-dwelling homes in new mixed-use, walkable developments or mixed-residential neighborhoods are selling at higher price points than nearby single dwelling homes in auto-oriented neighborhoods. Specific focus on multi-dwelling homes for Fuquay-Varina should be on “missing middle” home choices — more dense than single family detached homes on large lots, but less dense than large townhouse or apartment buildings — to meet unmet housing demands in the regional market. Several examples of missing middle home categories are provided on pages 96 through 99 of the Land Use Plan. Missing middle home products in the planning area should be mixed in the same development to create dynamic neighborhoods (following the recommendations under different Character Areas described earlier in the document). Long-Term Financial Stability Growth and development in Fuquay-Varina generates certain levels of wealth — namely ad valorem tax and sales tax revenues — that are used by the Town and their partners to fund certain infrastructure investments, provide services, and support day-to-day administrative needs. The development patterns and intensities depicted on the Future Land Use Map (FLUM) and the emphasis on design and community character in the Land Use Plan aim to protect the Town’s long-term financial stability.
The FLUM provides a more diverse development portfolio for the community that starts to balance the Town’s residential to non-residential tax base, while high-quality design principles and elements associated with the different character areas help increase value capture potential ― the ability of a community to recover and reinvest revenue from land value increases that result from public investment or other government actions ― for property developed in the Town of Fuquay-Varina. Increased land values anticipated for the twenty- year planning horizon, greater tax base balance, more employment and retail development potential, and emphasis on more efficient infrastructure service areas should serve the Town well in the future. Future Town decisions should be monitored closely to maintain favorable conditions — including more rigorous assessment of new rezoning and development applications and town-wide scenario testing for changing economic and demographic conditions — that may impact preferred development locations, types, patterns, and intensities depicted on the FLUM. Expenditures to meet the needs of the FLUM should also consider the Town’s debt obligations and financial resources at the time the services are considered. Greater Transportation- Land Use Coordination The Town of Fuquay-Varina Comprehensive Transportation Plan advocates for a transportation system that is safe and efficient for moving people and goods throughout the community by vehicle, bus, rail, bicycle, or walking. Equal emphasis on land use (demand), transportation (supply), and urban design (character) in the Town’s transportation and land use decision-making processes should improve overall efficiency of the transportation system while promoting livability principles important to new neighborhoods and activity centers identified on the FLUM. Supply-side solutions for the transportation should complement the Vision Statement, Guiding Principles, Character Areas, and recommendations in the Future Land Use Map, including: a complete and integrated grid street network for
major roads and local streets, a complete street initiative, access management standards, minimum street spacing guidelines, special intersection treatments at some locations, and different street design standards for rural, suburban, and urban development conditions that nest within the Character Areas described in the document. Demand-side solutions described in the Land Use Plan and implemented through the Land Development Ordinance may improve the transportation system by promoting principles that lower vehicle trip generation (through internal capture), shorten travel distance, and emphasize non-vehicular travel modes. Land use mix; development locations, patterns, and intensities; and site design elements depicted on the FLUM and described in the Character Areas section of the document should help improve overall efficiency of the transportation system by lowering demand for long-distance, single-purpose vehicle trips.
Home & Neighborhood Choices The demands (or markets) for different housing products and price points in a town changes among consumer groups represented, and is influenced greatly by residents’ income, age, household size, and available financing. Historic residential growth patterns in Fuquay-Varina favored suburban, greenfield development where buyers are willing to ‘drive for value’ to afford bigger homes and larger lots while counting on low-cost gas and continuous road improvements to offset longer commutes to Raleigh, Durham, and Research Triangle Park. In more urban areas, like Raleigh, residential growth is following national trends toward more infill development and redevelopment, including a mix of for-sale and for-rent housing products integrated within mixed-use, walkable environments. Retirees, empty nesters, and young professionals are expected to drive real estate preferences in the next decades. Boomers will be aging out of conventional single dwelling homes and looking for lower-maintenance and lifestyle housing products. Many may choose to live in rental housing in more walkable and dynamic locations, which may offer greater flexibility to move freely in future years. Others may choose to ‘down-size’ into patio homes or townhouses (some with elevators), or live in two or more smaller homes in different parts of the country throughout the year. There is also a need for assisted living and dedicated senior housing to allow and encourage seniors in Fuquay-Varina to age in place. These types of housing will also provide opportunities for seniors who would like to move to town but have limited housing choices. Young professionals, especially single and newly married, will continue to drive rental and higher density housing products in more urban, walkable communities. Young professionals starting families may seek ‘near-in’ neighborhoods close to the Downtown, or new development activity centers that emphasize safety, schools, privacy, convenience, and more space, but are more walkable than the conventional Fuquay-Varina suburbs of the last two decades. Recent trends at all market levels ― national, state, and local ― are favoring higher density housing
122
3-123 123
Fuquay-Varina Land Use Plan
Chapter 5: Town-Wide Initiatives
Made with FlippingBook - Online Brochure Maker