Twenty Year Market Potential The Town’s Economic Development Department works hard to 1) attract new business investment, 2) encourage the expansion of existing industries, and 3) align workforce education and readiness to support continued investment in Fuquay-Varina. In 2020, the Department was integral in pursuing projects citywide and significant downtown investment projects::
Employment forecasts from Woods and Poole equate to demands for up to 287,000 square feet of new office/medical office/healthcare/ social service space through 2040; especially along major transportation corridors. Some of the new office development is most likely to occur as part of mixed-use activity centers. General Industrial Outlook There is a lot of reason to believe there will be increased demands for industrial and manufacturing development in and around Fuquay-Varina (evidenced by the three recent expansions in 2016). Employment forecasts from Woods and Poole equate to demands for up to 35,000 square feet of new manufacturing/ warehouse/distribution space through 2035; especially in the Purfoy Road area and along major transportation corridors. The two downtown areas have seen remarkable change in the last 10 years with vacancy rates dropping dramatically. The Town and multiple community organizations are working very hard to organize events and re-brand the two downtowns, and their efforts are increasing the number and quality of live-work-play destinations that are unique to only the downtowns at this time. Significant progress in downtown is evident by recent projects and initiatives between the town and private sector including the following: • Q, a four-story mixed- use building at the corner of South Main Street and Raleigh Street. The building is a 36,000 square feet mixed use development with retail on the first floor, office suites on the second level, and a total of 16 residential units on the third and fourth levels. • The Spring Townhouses, a multifamily development with 15 units was completed in 2020. All units are occupied. Downtown Development Outlook
• The Town installed three interactive kiosks in the downtown districts. The wayfinding feature makes it easier than ever for visitors to locate businesses and restaurants. The kiosks will also serve as a portal for information about Town activities and events. • Fuquay-Varina is an Accredited Main Street America community. Accredited status is Main Street America’s top tier of recognition and signifies a demonstrated commitment to comprehensive commercial district revitalization and proven track record of successfully applying the Main Street Approach. • The Downtown Development Department began the process of creating a Downtown Master Plan to guide priorities and establish a vision for the downtown area. The Master Plan will address the commercial and residential markets in downtown and placemaking strategies. • Site assembly has begun of e downtown real estate at the corner of North Main Street and East Academy Street. The Town is marketing the site as a mixed-use infill and redevelopment opportunity. New businesses looking to invest in Fuquay- Varina are continuously looking at downtown location options, and this trend is assumed to continue through 2035 as downtowns across the U.S. become an important place for economic investment and community pride.
Residential Outlook Fuquay-Varina continues to be a very attractive location for new single family neighborhoods and multifamily communities. Total residential investment in the Town for 2021 was estimated to be $335.7 million, represented in part by approximately 1,807 new residential building permits The current ratio of for-sale to rental housing in Town is 4:1, as indicated in the 2017 plan this ratio has showed more balance moving from 5:1 to 4:1. This shift is indicative of continued national trends playing out in the community as demand for rental units increases because of changing demographics, lending conditions, and opportunities to build mixed-use activity centers in Town. The influx of new residents to Fuquay-Varina (and their above average household incomes) provides the Town with a great opportunity to attract high-end retail uses throughout the community. Developers working in the Town’s planning area see long-term potential for residential construction through 2040. High-End Retail Outlook Employment forecasts indicate demand of up to 411,000 square feet of new retail space through 2027; especially in southern areas of Town and along major transportation corridors. Fuquay- Varina also has the opportunity to capture more spending from in-town residents (as well as the surrounding communities) visiting new retailers. General Office Outlook The demand for general office space in and around Fuquay-Varina has been flat in recent years; however, the major shift of workers from home and large proportion of local high-wage earners commuting out of Fuquay-Varina indicate opportunities for creative office uses such as co-working spaces. The Town’s fiber broadband projects will be an asset for attracting new office uses to the community.
• The 32-acre Fuquay-Varina Business Park. • Aviator Brewing’s expansion to a new 5.22- acre campus on North Street, near the Varina downtown district. The project will feature a brewery and distillery, a retail store, a full- service restaurant and bar, drive-through coffee shop, and outdoor multi-use pavilion and lawn. The project will break ground in early 2023. • A development agreement with FV Retail, LLC for the construction of an 800,000 square-foot, open-air retail and commercial shopping center. The project is under design and is anticipated to break ground in late 2022. This retail-destination project is expected to produce more than $150,000,000 in new capital investment and create 1,300 new jobs. The first phase of the project is slated for occupancy by late 2024. Total non-residential investment in the Town for 2021 was estimated to be $63.9 million, represented in part by 119 new commercial, permits issued in Town. As one of southern Wake County’s fastest growing municipality, Fuquay-Varina competes in a global marketplace. Key industries for continued investments include: medical office and health care, high-end retail, and manufacturing/industrial (especially qualifying sites under North Carolina’s Site Certification Program).
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Fuquay-Varina Land Use Plan
Chapter 1: Introduction
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