OKC MAPS PROJECTS – 25 YEARS
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 section reviews the resulting changes in property valuations in Bricktown in the MAPS era as existing properties were redeveloped and new structures built. The 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. Historical valuations for the 23 properties are detailed in Figure 45. 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. 49 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 gain represents 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% was reported between 2005 and 2009, slightly outpacing inflation in the period. Gains in property valuations accelerated once again after 2009. Between the release of the 2009 MAPS report and 2017, the combined value of the Bricktown properties more than doubled (109% gain) from $37.7 million to $78.8 million. Gains were strong in both halves of the 2009 to 2017 period. Between 2009 and 2013, the value of the properties increased 44% using the time-consistent series. A similar gain of 46% was realized in the 2013 to 2017 period.
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