Oklahoma City Streetcar - Investment Impact Analysis

Oklahoma City Streetcar - Investment Impact Analysis

O K L A H O M A C I T Y S T R E E T C A R I N V E S T M E N T I M P A C T A N A L Y S I S

OKC S T R E E TCA R : I NV E S TMEN T I MPAC T P U B L I C & P R I VA T E I N V E S T M E N T S U C C E S S 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. P R I VA T E P R O P E R T Y VA L U A T I ON & S Q U A R E F OO T AG E I N C R E A S E

• 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).

$ 2 . 5 B

$ 1 .1 B

2 011

2 017

TOTAL TAXABLE MARKET VALUE OF PRIVATE PROPERTY (within three blocks of streetcar route)

G R OW T H S U MM A R Y Since 2011, the area within three-block impact zone of the streetcar route has gained:

• $1.6 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

Streetcar envisioned in EMBARK’s Regional 2030 Fixed Guideway Plan, the blueprint for public transit’s future in central Oklahoma.

OKC residents passed the MAPS 3 initiative to self-fund a modern streetcar system in the downtown area.

EMBARK convened a multiagency collaboration about transit oriented development (TOD) to conduct an economic impact assessment and projections study.

Proposed streetcar route announced.

NW 14th St

NW 13th St

NW 12th St

NE 11th St

13

NE 11th St

12

NW 11th St

14

W Park Pl

NE Park Pl

NW 10th St

NE 10th St

NW 10th St

NE 10th St

NE 10th St

15

16

NW 9th St

NE 9th St

NE 9th St

NW 8th St

11

NE 8th St

NE 8th St

NE 8th St

17

NW 7th St

NE 7th St

NE 7th St

NW 6th St

NE 6th St

NE 6th St

NW 5th St

NE 5th St

NE 5th St

10

18

NW 4th St

NE 4th St

8

9

NE 4th St

NW 3rd St

NE 3rd St

NE 3rd St

NW 2nd St

NE 2nd St

19

Couch Dr

Couch Dr

NE 2nd St

7

NW 1st St

Park Ave

NE 1st St

Colcord Dr

NE 1st St

Main St

W Sheridan Ave

W Sheridan Ave

E Sheridan Ave

20

21

22

6

W California Ave

1

E California Ave

4

3

2

Reno Ave

Reno Ave

Reno Ave

Reno Ave

SW 2nd St

5

SW 3rd St

SW 3rd St

SE 3rd St

SE 4th St

SW 4th St

SW 4th St

SE 4th St

SW 5th St

SW 5th St

Riversport Dr

SW 6th St

SW 6th St

SE 6th St

SW 7th St

SW 7th St

SE 9th St

SW 10th St

SW 10th St

SE 10th St S Durland Ave

Downtown Loop Bricktown Loop Three-Block Study Boundary

SW 11th St

SW 11th St

SE 11th St

SW 12th St

SW 12th St

SE 12th St

SW 13th St

SE 13th St

SW 14th St

SE 14th St

SE 15th St

SE 15th St

SW 15th St

SE 15th St

The streetcar route was finalized.

Construction of the streetcar began on Feb. 7.

In February, first of seven streetcars are delivered to Oklahoma City from Pennsylvania.

Service to begin in December.

2 018 D E M O G R A P H I C S 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

A B O U T T H E S T R E E T C A R • 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.

C OM M U T I N G S T A T I S T I C S 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. A M E N I T I E S I N P R O X I M I T Y O F S T R E E T C A R Parking: The streetcar places all downtown public parking structures within a short ride of most downtown destinations.

Mode of Transportation of Downtown Residents

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. A B O U T T H I S S T U D Y 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.

Greater Oklahoma City Chamber 123 Park Ave. Oklahoma City, OK 73102 | www.okcchamber.com | 405.297.8900

07/2018