OKC VeloCity | Oklahoma City Streetcar - Investment Impact Analysis

Oklahoma City Streetcar - Investment Impact Analysis

By Chamber Staff / Inside OKC / October 9, 2018

Download a report of the pdf here

Public & Private Investment Success

The three-block impact zone referenced in the study was determined by the City of Oklahoma City Planning Department.

Within the three-block impact zone around the streetcar route, there has been more than $1.6 billion value in public and private investment since 2011, the year the steetcar route was announced.

  • Private investment ($801.9 million)
  • Public investment ($806.8 million) includes the Oklahoma City Convention Center, Scissortail Park, Project 180 and public infrastructure improvements.

Private Property Valuation & Square Footage Increase

  • Private property values within the three-block impact zone have grown by 115 percent since the route was proposed in 2011. On a square-footage basis, values are up 80 percent over the same time.
  • The taxable market value of private properties along the streetcar route increased more than three times the rate of citywide property values since 2011.
  • Since 2011, total square footage within three-block impact zone is up 4.2 million square feet. 1.9 million square feet of that growth is located in the first block, with one million and 1.3 million located in the second and third blocks, respectively.
  • An average of more than 730,000 square feet of space has been constructed annually since 2011 (commercial and residential).

Growth Summary

Since 2011, the area within three-block impact zone of the streetcar route has gained:

  • $11.6 billion in total public and private investment
  • Approximately 5,700 jobs (16 percent increase from 2011-2015)
  • 1.54 million square feet net increase of office space
  • 21 residential developments with 1,860 new housing units
  • Seven new hotels with 833 hotel rooms

2018 Demographics

Three-block impact zone around streetcar route:

Resident Population.......................3,648
Workforce Population...................44,297
Businesses.....................................1,774
Residential Units........................... 3,296
Number of Hotels............................... 14
Number of Hotel Rooms..................2,449

About the Streetcar

  • The three-block impact zone surrounding the streetcar route, which is two square miles, covers more than 30 percent of greater downtown Oklahoma City’s approximate 6.5 total square miles.
  • There are seven streetcars colored bermuda green, clear sky blue and redbud. The names of the streetcar stops are a reflection of Oklahoma City downtown districts and landmarks.
  • Each streetcar is 66-feet long by 8-feet wide and offers seating for 30 passengers and can transport up to 104.
  • The two streetcar routes together stretch 5.1 miles with 22 stops.

Commuting Statistics

Downtown: The share of residents in the core downtown zip code (73102) who either commute to work by some form other than auto doubled from 14 percent in 2011 to 28 percent in 2016.

Work from Home: The share of at-home workers increased from a negligible number in 2011 to 4 percent of residents in the core zip code (73102) in 2016.

Citywide: Community transportation commuting patterns have remained unchanged since 2011, with 94 percent of residents commuting to work by auto.

Amenities in Proximity of Streetcar

Parking: The streetcar places all downtown public parking structures within a short ride of most downtown destinations.

Entertainment: The streetcar offers transportation to more than 10 million visitors of downtown attractions and 1.2 million visitors of downtown events. Many of the largest and most frequently visited entertainment venues in the state are located along the streetcar route in and around downtown Oklahoma City including: Chesapeake Energy Arena, Chickasaw Bricktown Ballpark, Myriad Botanical Gardens & Crystal Bridge, Civic Center Music Hall, Oklahoma City National Memorial, Cox Convention Center, Bricktown Water Taxi, Scissortail Park and Oklahoma City Convention Center.

About this Study

This investment impact analysis was conducted by the Greater Oklahoma City Chamber and RegionTrack, with input from EMBARK, The City of Oklahoma City and the Alliance for Economic Development.

 

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