OKC MAPS PROJECTS – 25 YEARS
• Gains are sizeable in all three blocks adjacent to the streetcar line in the period. Assessor- determined market values per square foot increased 97 percent in the first block, 85 percent in the second block and 80 percent in the third block. • The gains in the three-block zone also far outpaced the 20 percent citywide gain in property values on a per square foot basis in the period. Total Square Footage Growth The streetcar is also expected to increase the density of development along the permanent path. Since the path was announced in 2011, total square footage in the three-block zone is being utilized far more intensively. • Square footage of properties of all types has increased 19.2 percent within three blocks of the streetcar line. • This outpaced 16 percent growth in the full study area and 12 percent growth citywide in the period. Property utilization near the streetcar line has shifted toward greater entertainment, hospitality, office and residential use, with a lessened role for industrial and general commercial use. Office Space The office market and downtown employment are closely tied to the long-run strategy underlying the streetcar system. Approximately 1.54 million square feet of net new office space has been added (15.4 percent gain) within three blocks of the streetcar line since 2011. Much of the added space (1.4 million square feet) is located within one block of the line and is traced to the addition of Devon Tower in tax year 2013. Small increases have taken place since 2013 pushing the current total for office space within three blocks of the streetcar line to 11.51 million square feet in 2017. Total office space in 2017 does not yet include 690,000 square feet of space that will be added as BOK Park Plaza, the new downtown offices of Bank of Oklahoma in Oklahoma City, is added to the tax rolls in tax year 2018. Residential Unit Growth Based on county assessment data, the number of downtown residential units located within three blocks of the streetcar path has nearly doubled to more than 3,500 since the streetcar path was announced in 2011. Of the 1,658 residential units added between 2011 and 2017, 124 units in the first block adjacent to the line, 734 units in the second block and 800 units in the third block. Hotel and Accommodations Tourists and other visitors staying in hotels in the downtown area are also expected to provide consistent ridership. As described in an earlier section of the report, the downtown study area is home to 20 hotels with 3,163 rooms at the end of 2018. A slightly higher number of rooms are in the business district (1,664 rooms) than in Bricktown (1,499 rooms). However, nearly all the rooms in the study area are located within the three-block impact zone of the streetcar system. Note that these numbers do not include the 605-unit Omni Hotel that will open in early 2021.
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