Commercial districts continue to add value
Many of our key commercial districts in Oklahoma City are places that emerged from blight and even the brink of demolition with support from the city of Oklahoma City’s Commercial District Revitalization Program. Commercial districts such as Uptown 23rd, Historic Capitol Hill and the Paseo Arts District have seen revitalization over the past decade and even in the past year, which has led to increased sales tax revenues in the districts and increased property values in the surrounding areas.
Uptown 23rd, a district that has seen some of the city’s most active redevelopment, saw an increase in property values of 6.48% between 2018 and 2019. The restored Tower Theatre and surrounding shops, bars and restaurants are buzzing today, in spaces that were previously dark and vacant for many years. To further their revitalization efforts, the property owners opted to form a Business Improvement District in late 2019. Business Improvement Districts are a public /private partnership in which property owners pay a special assessment that is used for the maintenance, development and promotion of their commercial district.
Read more at The Journal Record
