News
Downtown Tulsa Housing Demand Study Complete
ARCHIVED PRESS RELEASE: Published 3-3-2010
In a news conference held this afternoon, representatives from
the City of Tulsa and members of the Economic Development
Commission announced the Downtown Tulsa Housing Demand Study is now
complete and will be available at the city website, www.cityoftulsa.org.
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.
