OKC MAPS PROJECTS – 25 YEARS
• Nearly 2.9 million square feet of residential space was added between 2009 and 2017 – a 47 percent increase. • Relative to all property types, residential experienced far faster growth in total square footage and a slightly faster pace of valuation increase. Valuations per square foot surged along with new residential development in the study area. • Value per square foot increased from a reported $64 in 2009 to $91 in 2017, a 41 percent increase. • This trails the overall 64 percent gain in value per square foot across all property types in the period. Bricktown Property Valuations The MAPS projects were expected to serve as a catalyst in the revitalization of Bricktown as the core entertainment district in downtown. Prior to the onset of MAPS, property values in the area were severely depressed and a significant number of structures in the area were razed in prior decades. The condition of the area made the large-scale MAPS projects in the area possible and presented considerable potential for added private investment in the area. This examination uses the same group of 23 Bricktown properties evaluated in the 2009 MAPS report. These properties all represent established Bricktown locations that were among the earliest areas of development following MAPS. While there is some overlap with the office and residential market analysis in the prior two sections, Bricktown reflects property that is typically services-oriented and frequently mixed-use. The properties are tracked in tax years 2000 and 2005 for consistency with the 2009 report as well as updated to include 2009, 2013 and 2017 in four-year intervals. One property (listed as exempt) is now owned by a tax-exempt entity and is no longer tracked by the county assessor. A second property (listed as combined) was merged into an adjacent property in the group, with both now valued jointly. The exempt property is dropped in creating a time-consistent series for evaluation across all years, leaving 22 properties that are tracked consistently across the full 2000 to 2017 period. Consistent with findings in the initial 2009 MAPS report, property values for the selected Bricktown parcels continue to rise sharply over time. Using the time-consistent series of 22 properties, the total value of properties in the sample increased from approximately $10.1 million in 2000 to $78.8 million in 2017, a nearly eight-fold increase. The gains represent a combination of generally rising property values, new construction, and improvements on the parcels. Each of the 22 Bricktown parcels tracked posted an increase in market value between the 2000 and 2017 tax years. The smallest gain in the full period was a roughly tripling in value. The Bricktown properties posted a gain in each interval of the full period as well. The largest gains were realized between 2000 and 2005 in the early years of the initial MAPS projects. Total value using the 22 properties in the time-consistent series more than tripled from $10.1 million to $33.3 million in the period. A smaller gain of 13 percent was reported between 2005 and 2009, slightly outpacing inflation in the period.
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