OKC MAPS PROJECTS – 25 YEARS
Significant activity has been underway in recent years along the streetcar path and is reflected in sharply increased property values in the 3-block impact zone since the path of the streetcar was announced in 2011. The cumulative value of these properties more than doubled in market value (115% gain) from 2011 to 2017 (see Figure 57). In tax year 2017, property with a total assessed market value of $2.5 billion was located within 3 blocks of a streetcar stop. A significant portion of the gain overall, particularly between 2011 and 2013, is the opening of Devon Tower. However, substantial gains have been realized beyond the contribution of Devon’s new headquarters and have outpaced overall gains in the area. The 115% gain in the 3-block impact zone exceeds the 87% gain across all Census tracts in the full study area from 2011 to 2017. Market values in the 3-block zone also increased at more than three times the rate of total citywide property values (34% gain) since 2011. Figure 58. Total Property Valuation in Streetcar Impact Zone
3.0
Billions
$2.51
2.5
$2.26
$2.04
2.0
1.5
$1.17
$1.14
1.0
0.5
0.0
2009
2011
2013
2015
2017
Source: Oklahoma County Assessor and City of Oklahoma City Planning Department
Rising Square Foot Values . On a square footage basis, average property values in the 3-block zone have increased from $54 in tax year 2011 to a reported $97 in tax year 2017, a more than 80% gain in the period. Gains are sizeable in all three blocks adjacent to the streetcar line in the period. Assessor- determined market values per square foot increased 97% in the first block, 85% in the second block, and 80% in the third block. The gains in the three-block zone also far outpaced the 20% citywide gain in property values on a per square foot basis in the period. 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% within 3 blocks of the streetcar line. This outpaced 16% growth in the full downtown study area and 12% 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.
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