Issue link: http://townofcary.uberflip.com/i/774873
6. SHAPE A Growing Community Once a small crossroads town, the Town of Cary has grown to be a mid-sized community of na onal dis nc on. Since 1990, Cary's growth tripled from more than 43,000 in 1990 to more than 133,000 in 2010, making it the seventh most populated municipality in North Carolina. While the 5% yearly growth rate experienced over the last few decades is expected to decline, the Town is projected to con nue to grow. By 2040, regional projec ons suggest that the Town will reach a popula on of 193,000. The Town has an opportunity today to define the way in which new housing, employment, shopping, and public services are provided to the new 50,000 residents that will likely call Cary home in the future. CHALLENGES AND OPPORTUNITIES Changing Land Planning Context Land available for development within Cary's planning area is limited. The areas shown in purple on this map (created in Feb. 2015) denote the loca ons of the less than 10,000 remaining undeveloped or rural acres that owners could someday make available for future development. UNDEVELOPED PROPERTIES IN CARY'S PLANNING AREA 82 COUNCIL FINAL PUBLIC MEETING DRAFT [JAN. 24, 2017] The amount of developable land in Cary's planning area has decreased significantly over the last 20 years, and is now in short supply. As of February 2015, about 82 percent of Cary's planning area was developed or in the process of being developed – approximately 43,000 acres. The remaining 18 percent of the planning area – shown in purple on the adjacent map – was undeveloped or rural. However, in any given future year, only a handful of that acreage might be on the market for development, with that amount expected to fall in future years if the largest and most desirable proper es develop first, and as some owners withhold land from development. For a community that has succeeded over the past several decades through the facilita on of high quality new developments on undeveloped land, this is a significant change in doing business. The land remaining within the Town likely will not fully accommodate future residents and businesses. Because the Town's high quality of life has been funded historically by new growth, the Town will need to iden fy new development opportuni es that can assist in genera ng revenues needed to maintain the Town's high standard of living. Limited New Development Opportunities Cary's long history as being a well-planned and well-managed community will con nue. However the specific goals for future growth and development are changing due to several significant trends.