Streetcar brings prosperity along route
It is still more than a month before the Oklahoma City Streetcar system officially begins service, but we are already seeing its economic impact. The Greater Oklahoma City Chamber recently presented the results of an investment impact analysis of the streetcar system to the City Council.
The analysis evaluated public and private investment within a three-block impact zone since the route was proposed in 2011. The analysis was conducted by the Greater Oklahoma City Chamber and RegionTrack in collaboration with Embark, the city of Oklahoma City and the Alliance for Economic Development.
Based on the experience of other cities with recently constructed streetcar systems, we anticipated properties on either side of the streetcar route would experience economic impact in terms of added housing and commercial growth. Before streetcar service has even begun, the Oklahoma City report shows the taxable market value of properties around the streetcar route has increased more than three times the rate of citywide properties, and taxable private property values have grown by 115 percent.
Read the full article at The Journal Record