Local & Regional
Wed March 3, 2010
By KWGS News
Tulsa, OK – In a news conference held this afternoon, Mayor Bartlett, representatives from the City of Tulsa and members of the Economic Development Commission announced the Downtown Tulsa Housing Demand Study is now complete and can be found at the city website. Learn More.
To date, Tulsa has never conducted a comprehensive study to determine demand for housing within the Inner Dispersal Loop and feeder neighborhoods. The main objective of the market study is to provide a comprehensive analysis of market and economic conditions, trends, and supply and demand to support current and future opportunities for all types of residential development.
"We know there is an unmet demand for housing downtown," Mayor Bartlett said. "This study will not only give investors and developers a tool to use for lending purposes, but provide us with a guideline of recommendations to implement a successful housing strategy."
The Economic Development Commission (EDC) engaged consultants from the CDS/Spillette Company to conduct an eight-week, detailed housing demand study based on site visits and analysis and telephone and internet surveys. The consultants also evaluated Tulsa to six comparable cities to understand each city's experience, lessons learned and their applicability to Tulsa.
"Some developers within Tulsa's IDL were encountering hesitancy on part of lenders and investors due to lack of documented demand," Bruce Bolzle, EDC Past Chair said. "This study will provide them with the resources needed to potentially secure funding and develop housing units in downtown Tulsa."
One conclusion from the market study showed a projected demand for 325-475 units per year for the next five years, then 175-275 thereafter. Currently, downtown Tulsa has 900 units. Types of property analyzed for potential development included single family homes, townhomes, condominiums and rental apartments. The largest percentage of respondents stated they preferred a loft home or townhouse.
A presentation for developers, investors, lenders and anyone interested will be held Thursday, March 4, 10-11 a.m. at the TCC Center 4 Creativity, 910 S. Boston.