Below, I've attempted to summarize sections of the study that explicitly refer to "Bicycles".

The complete study can be found in PDF format on the City of Raleigh Planning Department's "Hillsborough" web page.
Feasibility Study/Conceptual Plans for
Raleigh, NC Hillsborough Street Partners
Raleigh City Council

1.0 Introduction

The plan is to reduce the number of lanes on Hillsborough Street, as described below:
...
Convert a four-lane "through" road with stop-and-go traffic to a two-lane street moving vehicles, pedestrians, bicyclists, and buses more safely and efficiently.
...
With the introduction of a five-foot wide buffer area between the travel lane and on-street parking spaces, enhance safety for bicyclists, drivers and passengers opening doors from parked vehicles, and motorists beginning a parallel parking maneuver. The buffer area also will provide needed space for motorists to pull off to the right when emergency vehicles need to pass.

2.0 Existing Conditions

Bicycles
Efforts are underway to improve a linkage for bicyclists through the study area to connect downtown Raleigh with a planned greenway crossing through Meredith College, over the I-440 freeway to the NC Museum of Art. Currently, the signed bicycle route through the study area follows less crowded streets including Clark Avenue, Everett Avenue, Park Drive, and Hawthorne Drive. Counts conducted in November 2000 tallied, at most, five bicyclists on Clark Avenue (at Horne Street) and seventeen on Hillsborough Street (at Horne Street) during the peak hour.

Utilities
An inventory of aerial utility lines shows multiple private utility companies operating in the corridor with lines along both sides of and crossing Hillsborough Street. The criss-crossing web of utility lines detracts from the aesthetic improvements desired for the corridor and the utility poles are a safety concern for motorists, pedestrians, bicyclists, and bus patrons. Block-by-block improvement strategies are recommended, ranging from underground burial to aerial relocation and consolidation. These recommendations are discussed in Section 4.0.

3.0 Study Goals & Methodology

Travel Safety
This urban corridor does not function well from a traffic level of service perspective, nor does it function at all from a pedestrian, bicycle, or transit perspective. In the mid-1990s, the crash rate on Hillsborough Street was four times higher than other four-lane urban roadways in North Carolina. The frequency of crashes involving a pedestrian is among the highest of all roadways in North Carolina.

Based on studies published by the Insurance Institute for Highway Safety of conversions of signalized intersections to modern roundabouts, it is estimated that the planned improvements along Hillsborough Street will result in a 71 percent reduction in traffic crashes, as shown in Table 2. The estimated cost of property damage and injuries is over $12 million per year as shown in Table 3.

4.0 Recommendations

Bicyclists
Through trips by bicycle are routed through the corridor now via Clark Avenue, Everett Avenue, Oberlin Road, Park Drive, and Hawthorne Avenue.

The recommended plan for Hillsborough Street between Gorman Street and Oberlin Road includes a five-foot wide unmarked "buffer area" between the travel lane and on-street parking stalls.

The buffer area is intended to serve multiple purposes, including accommodating bicyclists, parallel parking maneuvers, buses, and space for traffic to pull into when emergency vehicles pass through the corridor.

The Hillsborough Street Steering Committee discussed the long-term implications of bus service in the corridor. It is recommended that once the Hillsborough Street improvements are constructed between Brooks Avenue and Horne Street, the Wolfline buses use Hillsborough Street instead of Founders Drive. With the recommended widening of Hillsborough Street in this section, space will be available for layover berths for the Wolfline buses. Founders Drive could be converted to a walkway/bikeway between Dan Allen Drive and Horne Street.

Traffic signals are now timed to favor traffic, with pedestrians getting minimal time to cross and only after a delay in waiting for the signals to change.

The plan recommended by the Hillsborough Street Steering Committee strikes a new balance between space for motorists and pedestrians. Currently, 86 percent of the street width is devoted to moving traffic with the remaining 14 percent accommodating parked cars. At mid-block crosswalks, the plan would change this to 37 percent for moving traffic, 37 percent for pedestrians, and 26 percent for bicyclists. Elsewhere, the plan would provide 40 percent of the street width for moving traffic, 29 percent for parked cars, 18 percent for bicyclists, and 13 percent for a landscaped median. This new balance will dramatically alter the character and feel of the environment, changing it from a traffic-dominated through-street to a human-scale street with traffic.

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