Morrisville Town Center Plan - 2007

Appendix 4

MEMORANDUM August 16, 2006 TO:

Mr. Warren Raybould Raybould Associates

FROM:

Randy Gross

SUBJECT:

Morrisville Town Center Market Review & Strategic Recommendations

This memorandum provides a detailed site analysis, economic overview, and findings from the market reconnaissance conducted for the Morrisville Town Center. A preliminary town center concept is offered based on a market opportunities assessment. Some of the findings and concepts are presented in bulleted format for the sake of brevity. Economic & Demographic Overview A brief economic and demographic overview was conducted in order to provide context for the overall opportunities assessment. Overall demographic characteristics are discussed for the area, particularly in relation to Morrisville’s rapid population growth. Economic factors and trends are discussed in order to provide an indication of Morrisville’s business growth and its role in the area economy. Demographic Characteristics Morrisville has seen exceptional growth during the last few decades. This booming suburban area, with close to an estimated 15,000 people, was an isolated country crossroads of 251 inhabitants just 25 years ago. Even as late as 2000, the population of Morrisville was just over 5,200 or about one-third of its current estimated population. While growth remains exceptional in Morrisville, the rate of population growth is declining as the overall base expands. The population growth in Morrisville is heavily influenced by the nearby employment opportunities in Research Triangle Park (RTP). Morrisville’s residents (in 2000) were twice as likely to have a bachelor’s degree or higher than the general U.S. population. RTP has attracted a large number of talented professionals from overseas, and Morrisville’s population is characterized today by a relatively high percentage of highly-educated, foreign-born residents. It is no coincidence that Morrisville has one of the few Indian grocery stores in the Triangle. Key demographic characteristics of Morrisville are summarized in Table 1.

75 │ Town Center Plan

January 2007