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The Crossroads of America
Greater Oklahoma City is in the geographic center of North America equidistant from the east and west coasts and major trade partners of Canada and Mexico. The ten county region is at the crossroads of the U.S., sitting at the heart of three major national highways on the NAFTA corridor.
There's a reason Greater Oklahoma City is such a great place for business: Location. The ten county region is positioned within a day's drive of the rapidly-growing south-central region (OK, TX, AR, LA) projected to grow more than 44% during the next 25 years.
Explore the counties and cities of Greater Oklahoma City including major employers and higher education. The ten county region boasts an average commute time of 20 minutes and a skilled workforce over half a million strong.
Quick Regional Data
Forbes names Oklahoma City as nation's most affordable
Noting low costs of living and good jobs, Forbes named Oklahoma City America's Most Affordable City.
At the height of the Great Recession, Forbes.com said Oklahoma City was the most recession-proof city in the country. Two and a half years later, the magazine has given the city another top ranking.
Noting low costs of living and good jobs, Forbes named Oklahoma City as America's Most Affordable City.
The magazine also noted Oklahoma City's friendly residents and an unemployment rate well below the national average, 6.3 percent compared to 9.5 percent.
"We searched for cities that had a balance of cheap living and economic prosperity - places with solid job markets, but where costs aren't prohibitive," magazine editors said. "In these cities, costs have stayed down, but residents have held onto steady incomes and decent jobs, making them a true bargain."
Forbes looked at all metropolitan statistical areas with populations of at least 100,000. They were ranked on the cost of a basket of goods and services, including groceries, health care and transportation, as of the second quarter of 2010.
The magazine also measured the monthly cost of housing as a percentage of household income.
The average sale price of an Oklahoma City-area home in September was $158,755, up 6.7 percent from September 2009, and the median price was $135,000, up 4.8 percent, according to the Oklahoma City Metro Association of Realtors.
The next four spots on the Forbes list went to Pittsburgh; Buffalo, N.Y.; Rochester, N.Y.; and Nashville, Tenn. The top 10 also includes three Texas cities: San Antonio, Houston and Austin, along with Louisville, Ky., and Birmingham, Ala.
"State capitals and university towns have vibrancy because of their job base, the stability of jobs and cultural diversification," said James Gaines, a research economist at the Real Estate Center at Texas A&M University.
Continuing praise
The ranking was the latest in a string of kudos for Oklahoma City. In October, Oklahoma City was named a Top 25 Performing City by the Milken Institute, No. 7 Best City for Income Growth by Portfolio.com, a Top 5 Fastest Growing City by Forbes and a Top 10 State for Doing Business by Area Development Magazine.
"In times like these, value is key to everything we do as a chamber," said Roy Williams, president and CEO of the Greater Oklahoma City Chamber. "From attracting new business, retaining and fostering growth with our current companies to attracting conventions and visitors, the number one factor on everyone's mind is value. Affordability isn't always about being the cheapest, it is also about the quality you get for your dollar."
The Boeing Co. recently announced plans to move 550 high-paying engineering jobs here. The company cited low costs of living and doing business and economic development incentives in the decision to move the jobs from Long Beach, Calif.
Developers making headway in Midtown
Published: Tuesday, February 9, 2010 7:00 am By: Tom LindleyOKLAHOMA CITY - Saving buildings is hard work these days, but that doesn't mean Midtown revivalists have given up their quest.
Developers Bob Howard and Mickey Clagg, two of Midtown's most ardent disciples, hit the streets early Tuesday to preview three newly renovated residential properties at NW 12th and Francis Avenue and address lingering questions about the future of Midtown.
Unlike four years ago when Midtown's recovery roared out of the gate, this time they didn't bother to shoot off fireworks when a trial balloon seems to be more the order of the day given the uncertainty of the real estate market and the economy.
"We will use these three to gauge what demand is like in the market," said Clagg, president of Midtown Renaissance properties.
Most everyone with a major stake in Midtown agrees that the market has changed. What's harder to predict is when or if Midtown will fulfill Howard's vision of it as a place that feels like a township where "people can live, work, eat and walk … like they did 50 years ago."
Apart from the economy, Midtown's future could be influenced most heavily by St. Anthony Hospital's expansion plans and by the amount of interest the former home of the American Red Cross at 323 NW 10th generates among developers along the 10th Street Medical Corridor District.
The original catalyst for Midtown's resurgence, St. Anthony's is developing plans for a new building on the east side of the hospital in 2013 that will house a new emergency department and critical care and inpatient units.
"It's still in the planning stage," hospital spokeswoman Sandra Payne said Tuesday. "That's all we can tell you right now. But we like being in Midtown and part of its growth."
Payne also said there is a possibility that a physicians' group could invest in a new dialysis building near the hospital.
"It's too early to provide any specifics," Payne said.
Midtown also could profit from development of the 10th Street Medical Corridor District.
Russell Claus, Oklahoma City planning director, said a Request for Proposal for the development of the block that housed the Red Cross building has generated a number of inquiries and he expects bids will be submitted for the project this spring.
That might help break the financial logjam that is holding back Midtown, developers say.
Large projects, in particular, are the toughest to sell right now, said developer Chuck Wiggin, which partly explains why the area has trended to smaller commercial and retail space and rental units, rather than condominiums.
One result has been that Wiggin's Overholser Green project at the former site of Mercy Hospital remains on hold with the Urban Renewal Authority and will have to be scaled back to be more compatible with financial market conditions.
"The project as originally designed and proposed is not feasible, but we are still looking for other ways to do a project that is as close as possible to the original project," Wiggin said.
As originally approved, it called for 109 units, spread out among four buildings, starting at about $350,000 per unit.
While the condo sales market has caved in, Wiggin said he is encouraged by Midtown's ability to attract more businesses and the success of those already in operation.
Developer R.D. Smith said he doesn't know what comes next for Midtown, either, although he said the natural barriers provided by St. Anthony's, downtown and Heritage Hills remain major selling points.
Smith, along with his brother, Scott, started buying up Midtown property in the late 1980s when it was what R.D. Smith called a disaster zone.
"It's beginning to mature but there's a lot of development to be done because the economy has put some things on hold," R.D. Smith said.
The Smiths, who operate the Corsair Cattle Co., sold about half of their property to Midtown Renaissance, including Plaza Court, which Smith said has become an important destination point in Midtown.
Today, they are concentrating on developing office space at Midtown Village on NW Seventh and Hudson, where about 50,000 square feet of mixed-use space has been leased.
"We are past the pioneering point," R.D. Smith said of Midtown's comeback. "What will ultimately revive Midtown is that people will want to be around a vibrant core."
The three residential properties Midtown Renaissance will soon have available for lease fit different subsets of the urban experience, from the more traditional style two-bedroom concept at 905 NW 12th to the more open, transitional one-bedroom look at 900 NW 12th, to the edginess of the modern one-bedroom apartments at 1217 N. Francis Ave.
While the units will serve as a test case for how and when Midtown Renaissance develops its other properties, Clagg said work will continue in Midtown in 2010.
Clagg said plans for the Packard building at 10th and Robinson are under review by the National Park Service and administrators of the historic preservation program.
Clagg said Hadden Hall, just west of the Packard, recently received National Park Service approval for rehabilitation as an 18-unit apartment building and that construction should begin this spring on the project. He also said the Osler and the Cline building are in various stages of historic preservation process, while construction plans for 12112 N. Walker are under development.
The Midtown Plaza is about 95 percent occupied, Clagg said, and discussions are under way with other potential tenants.
"We have other properties around the city and the only ones that we get calls on a regular basis are in Midtown," Clagg said. "We've signed several leases in the past few days."