Opportunity Zones

OPPORTUNITY ZONE OVERVIEW

Opportunity Zones are concentrated in the core of the city

LARGE EMPLOYERS

Six of the largest employers are located in the Opportunity Zones

Major Employers

  1. Tinker Air Force Base
  2. FAA Mike Monroney Aeronautical Center
  3. INTEGRIS Health
  4. Hobby Lobby Stores Inc.
  5. University of Oklahoma Health Sciences Center
  6. OG&E Energy Corp
  7. OU Medical Center
  8. The Boeing Company
  9. AT&T
  10. Devon Energy Corporation
  11. Paycom
  12. Dell
  13. Chesapeake Energy Corporation
  14. American Fidelity
  15. Continental Resources
  16. Amazon

OPPORTUNITY ZONE SOCIO-ECONOMIC OVERVIEW

OKLAHOMA CITY OPPORTUNITY ZONES

Each of these opportunity zones has a distinct competitive position which will naturally drive investments in certain products.

  1. Central Business District:
    • Bricktown
    • Arts District
    • Film Row
    • Deep Deuce
    • Automobile Alley
    • Boathouse District
    • American Indian Cultural Center & Museum
  2. Innovation District
  3. NE 23rd St Corridor
  4. I-35 Industrial
  5. I-35 & I-240
  6. I-40 Industrial
  7. I-44 & I-235
  8. Adventure District

CENTRAL BUSINESS DISTRICT OPPORTUNITY ZONES

Growth area with high concentrations of public investment to leverage private development opportunities

ZONE TYPOLOGY TYPE
Tier 1 Job Center

OPPORTUNITY ZONE JOBS
2015: 44,363
2010: 39,519
% change +12%

TOP 3 INDUSTRIES

  1. Public Administration (17%)
  2. Professional Scientific & Technical Services (11%)
  3. Administration & Support, Waste Management and Remediation (11%)

OPPORTUNITY ZONE RESIDENTS
2016: 7,759
2010: 6,202
% change +25%

VACANT LAND
Q42017: 133 acres

VACANT RESIDENTIAL PROPERTIES
Q42017: 104 (3%)

VACANT BUSINESS PROPERTIES
Q42017: 575 (23%)

CENTRAL BUSINESS DISTRICT: CATALYTIC INVESTMENT

CONVENTION CENTER/PARK/STREETCAR

Over $1 billion in investment currently under construction at the intersection of Robinson and the new Oklahoma City Boulevard including a new convention center, Omni headquarters hotel, 70-acre Scissortail Park and Modern Streetcar system along with a new city parking garage and additional developments.



BOATHOUSE DISTRICT

Formerly a dry river bed, the Boathouse District features several architecturally significant and functional boathouses with event spaces, kayaking, stand-up paddle boarding, an 80-foot adventure ropes course and Class II-IV whitewater rafting in the heart of Oklahoma City.



FIRST NATIONAL CENTER

One of downtown Oklahoma City’s architectural treasures, the restoration of this 1921 art deco tower currently under construction includes a boutique hotel, luxury apartments, retail, restaurants and structured parking.



AVAILABLE FOR DEVELOPMENT

Current private and public land at the heart of downtown available for redevelopment. Graphic includes artist rendering of potential uses.



AMERICAN INDIAN CULTURAL CENTER

This $65 million cultural center and museum will tell the history of the 39 tribes in Oklahoma. Set to open in the spring of 2021, the site plan includes development opportunities around the property to support conferences, visitors and to maximize the site’s location at the crossroads of I-35 and I-40.



MEDICAL/INNOVATION DISTRICT

Strong employment base and concentration of public investment with significant infill opportunities

ZONE TYPOLOGY TYPE*
Tier 1 Job Center

OPPORTUNITY ZONE JOBS
2015: 16,987
2010: 19,611
% change -13%

TOP 3 INDUSTRIES

  1. Educational Services (45%)
  2. Health Care and Social Assistance (31%)
  3. Public Administration (6%)

OPPORTUNITY ZONE RESIDENTS
2016: 2,602
2010: 2,581
% change +1%

VACANT LAND
Q42017: 104 acres

VACANT RESIDENTIAL PROPERTIES
Q42017: 19 (3%)

VACANT BUSINESS PROPERTIES
Q42017: 23 (3%)

MEDICAL/INNOVATION DISTRICT: CATALYTIC INVESTMENT

BAKER HUGHES GE RESEARCH CENTER

125,000 square feet of lab and office space, two 30-ton overhead cranes inside and a floor dedicated to collaboration with companies and outside researchers



ASSET ANCHORS

New Patient Care and Research Facilities

NE 23rd STREET CORRIDOR

Emerging corridor with significant disinvestment, high minority populations and high demand for services

ZONE TYPOLOGY TYPE*
Mixed Jobs/Residential

OPPORTUNITY ZONE JOBS
2015: 3,086
2010: 3,341
% change -10%

TOP 3 INDUSTRIES

  1. Public Administration (62%)
  2. Health Care and Social Assistance (8%)
  3. Transportation and Warehousing (6%)

OPPORTUNITY ZONE RESIDENTS
2016: 5,710
2010: 6,362
% change -10%

VACANT LAND
Q42017: 359 acres

VACANT RESIDENTIAL PROPERTIES
Q42017: 279 (16%)

VACANT BUSINESS PROPERTIES
Q42017: 22 (28%)

NE 23rd STREET CORRIDOR: CATALYTIC INVESTMENTS

PIVOT PROJECTS/SENIOR WELLNESS CENTER

RESIDENTIAL DEVELOPMENT

INDUSTRIAL I-35 CORRIDOR

Heavy industrial area focused on transportation and distribution with interstate access

ZONE TYPOLOGY TYPE*
Industrial Zone

OPPORTUNITY ZONE JOBS
2015: 6,560
2010: 6,434
% change 2%

TOP 3 INDUSTRIES

  1. Manufacturing (33%)
  2. Utilities (15%)
  3. Wholesale Trade (13%)

OPPORTUNITY ZONE RESIDENTS
2016: 3,271
2010: 3,109
% change +5%

VACANT LAND
Q42017: 242 acres

VACANT RESIDENTIAL PROPERTIES
Q42017: 19 (3%)

VACANT BUSINESS PROPERTIES
Q42017: 23 (3%)

ANCHOR ASSETS

Combined industrial and residential with historically high concentrations of oil field equipment and services operations.

Each day, 146,000 cars travel this portion of the interstate.

I-35 & I-240

Industrial area with significant disinvestment and high traffic flows. Adjacent to the fastest-growing and highest-income zip codes on south side of OKC.

ZONE TYPOLOGY TYPE*
Industrial Zone

OPPORTUNITY ZONE JOBS
2015: 3,886
2010: 4,473
% change -13%

TOP 3 INDUSTRIES

  1. Wholesale Trade (34%)
  2. Retail Trade (14%)
  3. Manufacturing (9%)

OPPORTUNITY ZONE RESIDENTS
2016: 1,581
2010: 950
% change +66%

VACANT LAND
Q42017: 1311 acres

VACANT RESIDENTIAL PROPERTIES
Q42017: 19 (3%)

VACANT BUSINESS PROPERTIES
Q42017: 23 (3%)

ANCHOR ASSETS

Location at significant highway interchange (143,000 cars on I-35; 107,000 cars on I-240) with large available buildings (including former mall) and land.

Access to new BNSF Logistics Center.

I-40 corridor

Combination of industrial corridor with residential areas showing significant disinvestment. Served by rail.

ZONE TYPOLOGY TYPE*
Industrial Zone

OPPORTUNITY ZONE JOBS
2015: 5,859
2010: 5,866
% change 0%

TOP 3 INDUSTRIES

  1. Manufacturing (22%)
  2. Wholesale Trade (17%)
  3. Administration & Support, Waste Management and Remediation (12%)

OPPORTUNITY ZONE RESIDENTS
2016: 7,316
2010: 6,844
% change +7%

VACANT LAND
Q42017: 577 acres

VACANT RESIDENTIAL PROPERTIES
Q42017: 19 (3%)

VACANT BUSINESS PROPERTIES
Q42017: 23 (3%)

ANCHOR ASSETS

Combined industrial and residential development. Each day, 84,000 cars travel this portion of the interstate.

I-44 & I-235

Primary job center near significant retail trade area

ZONE TYPOLOGY TYPE*
Tier 2 Job Center

OPPORTUNITY ZONE JOBS
2015: 18,001
2010: 16,667
% change 8%

TOP 3 INDUSTRIES

  1. Mining, Quarrying, and Oil and Gas Extraction (18%)
  2. Public Administration (12%)
  3. Construction (12%)

OPPORTUNITY ZONE RESIDENTS
2016: 2,283
2010: 1,661
% change +37%

VACANT LAND
Q42017: 265 acres

VACANT RESIDENTIAL PROPERTIES
Q42017: 19 (3%)

VACANT BUSINESS PROPERTIES
Q42017: 23 (3%)

AREA ASSETS

Combined industrial and residential development. Each day, 101,300 cars travel on I-44 and 92,100 cars travel on I-235.

ADVENTURE DISTRICT

Area attracts significant visitors and is also proximate to I-35 corridor and existing retail centers

ZONE TYPOLOGY TYPE*
Tourism Focus

OPPORTUNITY ZONE JOBS
2015: 3,183
2010: 2,777
% change +15%

TOP 3 INDUSTRIES

  1. Arts, Entertainment, and Recreation (37%)
  2. Administration & Support, Waste Management and Remediation (23%)
  3. Information (8%)

OPPORTUNITY ZONE RESIDENTS
2016: 1,855
2010: 2,080
% change -11%

VACANT LAND
Q42017: 835 acres

VACANT RESIDENTIAL PROPERTIES
Q42017: 19 (3%)

VACANT BUSINESS PROPERTIES
Q42017: 23 (3%)

AREA ASSETS

Appendix Typology Methodology

Methodology

  • Utilized Longitudinal Employer-Household Dynamics (LEHD) data aggregated to the census tract level
  • Calculated the ration of jobs in the census tract to residents in the census tract
  • Calculated the percent of jobs in each tract that are construction, manufacturing, transportation and warehouse. Tracts of more than 25% are flagged as industrial.
  • Utilized national dataset of hospitals and colleges/universities. Flagged tracts with hospitals with 300+ beds and/or universities/colleges with 5,000+ students as anchor tracts.

Typologies

  • Tier 1 Job Centers: Tracts with jobs to residents ratio >10
  • Tier 2 Job Centers: Tracts with jobs to residents ratio 2-10
  • Mixed Jobs/Residential: Tracts with jobs to residents ration .5-2
  • Residential: Tracts with jobs to residents ration <.5
  • Tourism: Tracts with dominant land use pattern.

SELECT DATA SOURCES

Jobs Growth: Longitudinal Employment Household Dynamics Data https://onthemap.ces.census.gov/

Average Monthly Earnings % Change: Quarterly Workforce Indicators Data https://qwiexplorer.ces.census.gov/static/explore.html#x=0&g=0

Total Payroll % Change: Quarterly Workforce Indicators Data https://qwiexplorer.ces.census.gov/static/explore.html#x=0&g=0 Employees Under Age 29% Change: Longitudinal Employment Household Dynamics Data https://onthemap.ces.census.gov/

Unemployment (assume BLS LAUS): Quarterly Workforce Indicators Data https://qwiexplorer.ces.census.gov/static/explore.html#x=0&g=0

Vacant Residential & Business Properties: Valassis Lists; PolicyMap

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