OKC industrial site gets key infrastructure funding
A new infrastructure project was recently approved by Oklahoma legislators and will play a role in attracting very large economic development projects to our city in the coming 10 years.
The Oklahoma Industries Authority received $8 million in ARPA funds to make water and wastewater infrastructure improvements on a 640-acre site at I-240 and Eastern, land that was acquired by the OIA in collaboration with the Commissioners of the Land Office and facilitated by an agreement between the Oklahoma City Economic Development Trust and OIA using GOLT bond funding. The property is ideal for industrial development since it is located at the intersection of I-240 and Eastern and only 4 miles from Tinker Air Force Base.
The property has never been developed and is one of the rare large open tracts of land that is in a qualified census tract and an opportunity zone. Using an RFP process, OIA formed a public/private development partnership with partners Richard Tannenbaum, Mark Beffort and Brett Price. The project, dubbed OKC 577, will consist of approximately 7.2 million square feet of manufacturing, distribution and retail space and is expected to create thousands of jobs and approximately $1 billion of capital investment over the next 10 years. Oklahoma City is now in the running for mega-employers that would bring hundreds of new jobs.
The funding approved by the Legislature will be used to extend and enhance the water and wastewater infrastructure to the site and surrounding area. Led by Sen. Roger Thompson, Rep. Kevin Wallace, Sen. Adam Pugh, Sen. Chuck Hall and Rep. Rhonda Baker, the legislature authorized the extension of over 5,000 feet of water line and over 9,000 feet of wastewater lines. Oklahoma City’s economy and business interests will reap the benefits of their vision for years to come.
One of the strongest economic drivers over the past 10 years is the industrial sector. Industrial rent has experienced a 7% growth rate year over year, as industrial sites are moving closer to population centers. In metro areas, it is becoming increasingly difficult to identify large land sites over 100 acres with infrastructure capacity for the largest industrial businesses.
The OIA was created for the purpose of developing and promoting trade, commerce, industry and employment opportunities and helping facilitate these types of land deals.