Pete
01-09-2006, 12:14 PM
Nice summary that helps to quantify the incredible amount of activity and investmment since MAPS
MAPS Study Update Shows Significant Economic Impact - 1/6/2006
Full Report (http://www.okcchamber.com/media/PDFs/DowntownStudy.pdf)
The Greater Oklahoma City Chamber announced today that a recent update of the 2003 Impact Analysis of MAPS and other Significant Central City Investments report by Dr. Larkin Warner shows that MAPS investments continue to attract larger investments of capital to the downtown area.
The study's target area is bounded by Classen Boulevard on the west, 23rd Street on the north, the Centennial Expressway and Oklahoma Health Center on the east, and I-40 on the south. Eight of the nine MAPS projects reside within these boundaries, including the SBC Bricktown Ballpark, Oklahoma Spirit Trolley, Bricktown Canal, renovation of Cox Business Services Convention Center, renovation of Civic Center Music Hall, Ford Center Arena, Oklahoma Riverfront Development, and the Ronald J. Norick Public Library.
"The pace and level of investment we reported in the first study has not shown signs of slowing," said Roy H. Williams, President and CEO of the Greater Oklahoma City Chamber. "There are signs of positive developments in business locations, hotels, housing, retail, restaurants. Forward momentum is strong. The story of Oklahoma City's rebirth is still being told."
Major findings in the updated study include:
* The aggregate capital investment planned or implemented, including the I-40 realignment, adds up to more than $2.5 billion. Since much of the massive new investment has been completed very recently or has yet to be completed, it must be pointed out that the full impact cannot yet be measured.
* The 25 most valuable sites in 2004 had an aggregate value of $386 million, these 25 large facilities accounted for two-fifths (41.5 percent) of the study area's locally assessed real estate market value. Seven of the facilities represent new facilities that have entered the tax rolls since 1999. These include two hotels (Renaissance and Marriott Courtyard) developed by the John Q. Hammons enterprise, two office buildings developed by the Presbyterian Health Foundation in its Research Park and one office building housing the headquarters of the Sonic Corporation, the Deep Deuce at Bricktown apartments, and the Bass Pro Shops retail facility. The aggregate value of these seven new facilities was $95.8 million or 24.8 percent of the total of the study area's most valuable 25.
* The extent of asset appreciation in Bricktown is remarkable. The aggregate market value grew from $12.2 million in 1999 to $40.2 million in 2004-an increase of 231 percent.
* The health economy continues to be significant for the downtown area. The Oklahoma Health Center is reporting employment of 12,500. Plans for new investment at OHC exceed $300 million, including a $42 million cancer center and $180 million for the OU Medical Center Hospital complex. Additionally, St. Anthony Hospital's parent organization, SSM Health Care, is expecting to spend about $220 million over a ten year period, with construction of a 60,000 sq. ft. office building to begin in the spring of 2006.
* When it opened in the summer of 2004, the four-story, 112,000 square foot library was the last of the MAPS projects to come to fruition. During its first year of operation, the Norick Library usage far exceeded staff expectations. Book circulation increased 113 percent over the preceding year at the old facility, and the number of library cards issued increased from 1,957 to 7,465.
* The Oklahoma City Museum of Art drew more than 100,000 visitors in its first year-double that of the previous fairgrounds site. Admissions grew to 130,000 during the 2004-05 fiscal year.
* Growth continued in the area's hotel market. In 2004, the 225-room, $18 million, Courtyard by Marriott Hotel opened just to the southeast of the newly-completed Ford Center arena. The completion of this hotel brought the number of rooms near the Cox Convention Center to 931. When all of the hotel projects on the drawing board completed, the capacity of the downtown study area will be 1,614 rooms.
* The pace has stepped up on residential development in the downtown area. Since 2003, there have been 10 significant residential projects announced or completed, which could add more than 2,200 new units to the downtown market.
MAPS Study Update Shows Significant Economic Impact - 1/6/2006
Full Report (http://www.okcchamber.com/media/PDFs/DowntownStudy.pdf)
The Greater Oklahoma City Chamber announced today that a recent update of the 2003 Impact Analysis of MAPS and other Significant Central City Investments report by Dr. Larkin Warner shows that MAPS investments continue to attract larger investments of capital to the downtown area.
The study's target area is bounded by Classen Boulevard on the west, 23rd Street on the north, the Centennial Expressway and Oklahoma Health Center on the east, and I-40 on the south. Eight of the nine MAPS projects reside within these boundaries, including the SBC Bricktown Ballpark, Oklahoma Spirit Trolley, Bricktown Canal, renovation of Cox Business Services Convention Center, renovation of Civic Center Music Hall, Ford Center Arena, Oklahoma Riverfront Development, and the Ronald J. Norick Public Library.
"The pace and level of investment we reported in the first study has not shown signs of slowing," said Roy H. Williams, President and CEO of the Greater Oklahoma City Chamber. "There are signs of positive developments in business locations, hotels, housing, retail, restaurants. Forward momentum is strong. The story of Oklahoma City's rebirth is still being told."
Major findings in the updated study include:
* The aggregate capital investment planned or implemented, including the I-40 realignment, adds up to more than $2.5 billion. Since much of the massive new investment has been completed very recently or has yet to be completed, it must be pointed out that the full impact cannot yet be measured.
* The 25 most valuable sites in 2004 had an aggregate value of $386 million, these 25 large facilities accounted for two-fifths (41.5 percent) of the study area's locally assessed real estate market value. Seven of the facilities represent new facilities that have entered the tax rolls since 1999. These include two hotels (Renaissance and Marriott Courtyard) developed by the John Q. Hammons enterprise, two office buildings developed by the Presbyterian Health Foundation in its Research Park and one office building housing the headquarters of the Sonic Corporation, the Deep Deuce at Bricktown apartments, and the Bass Pro Shops retail facility. The aggregate value of these seven new facilities was $95.8 million or 24.8 percent of the total of the study area's most valuable 25.
* The extent of asset appreciation in Bricktown is remarkable. The aggregate market value grew from $12.2 million in 1999 to $40.2 million in 2004-an increase of 231 percent.
* The health economy continues to be significant for the downtown area. The Oklahoma Health Center is reporting employment of 12,500. Plans for new investment at OHC exceed $300 million, including a $42 million cancer center and $180 million for the OU Medical Center Hospital complex. Additionally, St. Anthony Hospital's parent organization, SSM Health Care, is expecting to spend about $220 million over a ten year period, with construction of a 60,000 sq. ft. office building to begin in the spring of 2006.
* When it opened in the summer of 2004, the four-story, 112,000 square foot library was the last of the MAPS projects to come to fruition. During its first year of operation, the Norick Library usage far exceeded staff expectations. Book circulation increased 113 percent over the preceding year at the old facility, and the number of library cards issued increased from 1,957 to 7,465.
* The Oklahoma City Museum of Art drew more than 100,000 visitors in its first year-double that of the previous fairgrounds site. Admissions grew to 130,000 during the 2004-05 fiscal year.
* Growth continued in the area's hotel market. In 2004, the 225-room, $18 million, Courtyard by Marriott Hotel opened just to the southeast of the newly-completed Ford Center arena. The completion of this hotel brought the number of rooms near the Cox Convention Center to 931. When all of the hotel projects on the drawing board completed, the capacity of the downtown study area will be 1,614 rooms.
* The pace has stepped up on residential development in the downtown area. Since 2003, there have been 10 significant residential projects announced or completed, which could add more than 2,200 new units to the downtown market.