February 6, 2019 - Mayor G. T. Bynum announced the City of Tulsa is accepting proposals to develop a comprehensive housing market demand study and recommend a strategy for its downtown and surrounding neighborhoods. The study will also update the 2010 Downtown Housing Study, which was a key step in proving the downtown housing market to developers and financiers and resulted in a revolving loan program.
“In less than 10 years since the 2010 study was completed, more than 600 residential units have been added downtown with a capital investment in excess of $86 million,” Bynum said. “That’s impressive, and we have more on the way. In order to facilitate additional investment, it is time to update the 2010 Downtown Housing Study - identifying today’s supply and demand for housing.”
The study’s purpose extends to developing strategies to provide and maintain affordability in the downtown area and determine how to support residential projects using public funds. The 2010 study led to the creation of a revolving loan program, known as the Vision 2025 Downtown Housing Fund, which also resulted in additional residential units in the downtown area. Repayment on those loans are underway and will be fully recovered by 2024.
Community Development & Policy Chief Nick Doctor added that the study is also focused on overcoming racial inequalities in housing. Recommendations from this study will support the development of more inclusive, mixed-income housing that mitigates the threat of gentrification and meaningfully honors the history and the people of the neighborhoods surrounding downtown.
Economic Development Commission Chairman Elliot Nelson said the downtown housing study will be invaluable as Tulsa continues efforts to increase density in and around the Inner Dispersal Loop (IDL).
“I'm especially excited about the affordability component, as we desperately need to provide more affordable options for many young people who've been previously priced out of the market,” he said.
Downtown Coordinating Council Executive Director Brian Kurtz said having an accurate analysis of housing demand and supply is critical to Downtown Tulsa’s future and its continued growth.
“The data and information gathered in this study will aid the development community in making informed investment decisions and afford the City of Tulsa new insight into the necessary policies to deliver attainable housing for all who wish to live in Downtown and its periphery neighborhoods,” Kurtz said.
The proposals must be submitted to the City of Tulsa Deputy City Clerk by 5 p.m. on Wednesday, March 6. The projected timeline for conducting the study is March through July, with a target date of August for release of the final study. The Request for Proposals is published as RFP 19-723 Housing Market Demand Study and Strategy. It is available to download from the following link