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South Oklahoma City Gets New Economic Label, Millennial Housing Trends Questioned

Plaza Mayor at the Crossroads, at Interstates 35 and 240 in Oklahoma City, has merchant tenancy above 50 percent.
Brent Fuchs
/
The Journal Record
Plaza Mayor at the Crossroads, at Interstates 35 and 240 in Oklahoma City, has merchant tenancy above 50 percent.

On Tuesday the city council of Oklahoma City voted to create two new business improvement districts, or BIDs, in south Oklahoma City.

One will be along SW 29th Street between May Ave. and Shields Blvd., and the other calls for spending $22,000 with the South Oklahoma City Chamber of Commerce to improve the area around Interstate 240 that runs from I-35 to I-44.

“Local property owners work with the city to direct some funds to improving the appearance, or marketing, or letting people know about special events,” says The Journal Record’s managing editor Adam Brooks.

During the city council meeting Mayor Mick Cornett said he drove down a “vibrant” SW 29th Street a few days ago, but said it could definitely use an upgrade.

Ward 6 Councilman Pete White said the BID for that area between May and Shields is ambitious, but he’s seen a lot of enthusiasm for it.

“It could make a huge difference,” White said. “It is rapidly becoming the most important corridor through the close-end south, the near south. I think it has a potential. It’s going to be well worth watching.”

City council members also called the other BID a good investment, saying they’re seeing progress in the area along I-240.

Ward 5 Councilman David Greenwell said the occupancy of Plaza Mayor is above 50 percent. The space that used to be known as Crossroads Mall has been reinvented as a retail concept targeting the south side’s large Latino population.

“Through these efforts of private citizens and businesses, we have kind of turned things around, and I believe the efforts to improve the commercial area along I-240 will result in benefits to the city through improved retail activity, increased sales, increased sales tax revenue,” Greenwell said. “Plus, when we focus on the commercial development, that tends to help reduce the blight in the residential areas.”

Greenwell also said many of the homeowners associations he’s talked to have been on board with these economic development as well. South Oklahoma City Chamber president Elaine Lyons told The Journal Record’s Brian Brus she’s pleased with how Plaza Mayor has proven its viability.

She said she believes a formal business improvement district for the rest of the area is not far behind. Lyons said the equation for contributions to the proposed BID may change slightly, so she plans to discuss the issue personally with stakeholders so they know what to expect. … The motivation to participate is obvious, Lyons said. “Property values go significantly up, even the first year,” she said. “By the fifth year, it’s very significant.”

Brooks says once the SW 29th Street Association finishes up its paperwork, that BID could be established by the end of June.

Millennials Aren't Necessarily Giving Up 'The American Dream'

Young people with few responsibilities and a high level of disposal income can benefit from this type of revitalization and urban neighborhood transformation. But Home Builders Association of Greater Tulsa president and CEO Paul Kane told The Journal Record’s Kirby Lee Davis that trend may be ending.

Quoting surveys by the National Association of Home Builders and other groups, Kane pointed to results finding that 75 percent of millennials – people who reached adulthood since the year 2000 – want to buy single-family homes. He noted that 66 percent targeted a suburban life, while 24 percent sought rural homes. Only 10 percent desired a central city environment. “When they do start buying, when they do start doing these things, we’re going to feel it,” Kane told the association’s Economic Forecast Luncheon audience Tuesday at Broken Arrow’s Forest Ridge Golf Club. “And it’s going to be a good thing.”

A report out last week from the New York Federal Reserve branch estimated there’s nearly $1.2 trillion worth of student loan debt nationwide - the highest it’s ever been.

“Even if more people want to live downtown than they used to, there are still a lot of folks who envision that old-style American dream,” Brooks says. “Low interest rates and continued building, meaning there's a lot of product on the market, should make it practical for young people to get a family home when they're ready to have kids and when they've gotten a little bit of their student debt taken care of."

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The Business Intelligence Report is a collaborative news project between KGOU and The Journal Record.

As a community-supported news organization, KGOU relies on contributions from readers and listeners to fulfill its mission of public service to Oklahoma and beyond. Donate online, or by contacting our Membership department.

The Journal Record is a multi-faceted media company specializing in business, legislative and legal news. Print and online content is available via subscription.

Brian Hardzinski is from Flower Mound, Texas and a graduate of the University of Oklahoma. He began his career at KGOU as a student intern, joining KGOU full time in 2009 as Operations and Public Service Announcement Director. He began regularly hosting Morning Edition in 2014, and became the station's first Digital News Editor in 2015-16. Brian’s work at KGOU has been honored by Public Radio News Directors Incorporated (PRNDI), the Oklahoma Association of Broadcasters, the Oklahoma Associated Press Broadcasters, and local and regional chapters of the Society of Professional Journalists. Brian enjoys competing in triathlons, distance running, playing tennis, and entertaining his rambunctious Boston Terrier, Bucky.
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