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Total Value of Investment Projects Related to MAPS Exceeds $3 Billion, Study Shows
To see the executive summary click here.
Oklahoma City - The Greater Oklahoma City Chamber today released a study that analyzed the impact of MAPS and related significant investments in Oklahoma City. The Chamber also released the executive summary of the study.
"It is no secret that MAPS has profoundly impacted Oklahoma City," said David Thompson, Chairman of the Greater Oklahoma City Chamber. "But this study puts numerical values to that impact, and really outlines how a city investing in itself can bring about an amazing renaissance."
The study was completed with the cooperation of the Greater Oklahoma City Chamber and economic consultant, Larkin Warner. The first version of this report The Impact of MAPS and Other Significant Central City Investments, was prepared in 2003. The report was revised and updated in 2005. The report released today was prepared during 2008-2009 and provides a picture of the dramatic renaissance since the original 1993 vote approving the innovative set of MAPS public projects.
The study found that while the overall cost of the original MAPS projects totaled $356 million, the total value of new investment projects related to MAPS from the mid-1990s through 2008 totaled about $3.1 billion. An additional $1.9 billion has been announced. The 2005 study reported new investments related to MAPS at $1.2 billion with $1.3 billion planned, so the new impact numbers show evidence of an increase of capital investment within Oklahoma City's core.
"If you look at the numbers, it shows that the citizens of Oklahoma City have gotten back their MAPS investment more than 10-fold," said Greater Oklahoma City Chamber President Roy Williams. "The momentum MAPS has created is incredible and many cities would love to be in our position."
Arguably, hotels represent the segment most strongly impacted by the MAPS investments. Nearly $200 million worth of capital investment has occurred in the hotel sector since the community made the decision to support MAPS. When MAPS was developed, there was only one hotel in downtown Oklahoma City; by 2008, there were seven significant hotels with a total of about 1,600 rooms. More hotels are in the planning stages, putting further value in Oklahoma City's central core.
The study also found that MAPS had a significant impact on the population in the city's central core. The population of the study area grew from 9,574 in 2000 to 11,123 in 2008. This is due to the $238 million of investments in housing and mixed-use structures that occurred between 1995 and 2008. The housing environment after 2000 has changed dramatically, with an increase of 982 total units-reflecting 970 more occupied units. These numbers show that people are, in fact, moving into the central core of Oklahoma City.
MAPS' impact in Bricktown is also widely documented in the study. In 2008, there were 26 restaurants and clubs operating in Bricktown, and about 2.9 million people visited that year. Property values have grown dramatically as have rental costs. The aggregate values of 23 Bricktown sites grew from $10.8 million in 1999 to $41.4 million in 2008. The appreciation of these properties illustrates the economic stimuli flowing from MAPS.
The study also looked at the impact of the original MAPS projects. In 2008 alone, the attendance at the specific MAPS projects added up to nearly 3 million people.
* AT&T Bricktown Ballpark: Before the Ballpark was built, Oklahoma City had the aging All-Sports Stadium at State Fair Park. Paid admission to All-Star Sports compared to paid admission at AT&T Bricktown Ballpark in 2008 has nearly tripled, demonstrating the importance of a quality facility.
* Cox Convention Center: During 2003-2007, annual attendance at events ranged between 586,000 and 685,000. These visitors also impacted the Bricktown restaurants and downtown hotels.
* Civic Center Music Hall: During 2008, 314,000 people attended events at the facility. Nearly 2 of 5 people attending events have come from out of town. Perhaps the biggest impact of the Civic Center Music Hall has been the rising of Oklahoma City as a cultural center.
* Ford Center: In 2008, attendance was 941,700. During the fiscal year ending June of 2002, the old arena in the Cox Center had seven major concerts; during the following fiscal year the Ford Center had 26 concerts. Since its completion, the ability of Oklahoma City to attract performances by big name entertainers has increased the city's prestige.
* Ronald J. Norick Library: During its first year, the Norick Library far exceeded expectations: Book circulation was 303,000 in 2008 - virtually double the level in 2004. The study found an important link between core residential development and the library - perhaps more important than any of the other MAPS projects.
* Oklahoma River: Total attendance at Oklahoma River activities are estimated at 144,000. There is a key link between attendance at river events and recreational businesses in Bricktown. Rowing events draw participants to neighboring hotels. The $40 million Dell customer contact center that opened in September 2005 with 1,500 workers can be linked to development of the river and its attractiveness.
The vastly different and high-quality experience of those using the MAPS investments is a theme which is repeated for virtually all the projects.
Additional developments that were reviewed in the study and whose existence and/or success can be directly or indirectly attributed to MAPS include but are not limited to:
* The Oklahoma City National Memorial
* The Oklahoma City Museum of Art
* The Gaylord-Pickens Oklahoma Heritage Center
* SONIC Corporate Headquarters
* American Choral Directors Association headquarters
* Bass Pro Shops Outdoor World
* American Indian Cultural Center and Museum
* The Oklahoma City Community Foundation
* The Oklahoma History Center
* Bricktown Harkins theater complex
* The development of Presbyterian Health Foundation Research Park
* Improvements to Myriad Gardens
* Improvements to the Stage Center and Arts Council Complex
* The acquisition of the Seattle Supersonics NBA team
* Construction of a 365-foot bronze statue of the land run
* Remodeling of the Colcord and Skirvin hotels
* Renovation of the Underground
* Additional parking facilities
* Massive investment in the Oklahoma Health Center ($1 billion between 1994 and 2008)
* Devon Energy Corporate Headquarters, a planned 50-story 1.8 million square foot tower.
* Numerous eating, drinking and entertainment establishments in Bricktown
Without the initial stimulus for renewal from MAPS, the contagious spread of these investment projects would not have been ignited. Access to cultural and popular events and activities is at a much higher plane than before MAPS investments. The image of a declining or static central core has been dispelled and it is now desirable to be in downtown OKC. The main message of the study is that decay and blight have been beaten back to a remarkable degree with MAPS and other major investments. It was noted that the progress made could halt and become stagnant again if we do not continue our efforts at redevelopment.
Media Contact - Jill Harrison: (405) 297-8990 or jharrison@okcchamber.com
Contact:
Marcus Elwell
Greater Oklahoma City Chamber
405.297.8971
melwell@okcchamber.com
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