MARCH 25, 2017
Edmond Sets Record Commercial Business Growth
Historic commercial business growth has been generated in Edmond, said Janet Yowell, executive director of the Edmond Economic Development Authority.
Yowell addressed a large crowd Thursday at the 20th annual 4 O’Clock 4 Cast held at Oak Tree Country Club.
The city added 620,000 square feet of new commercial valued a $109 million. Retail encompassed 106,000 square feet and 83,000 square feet of office space was added last year. Within commercial space added was the $30 million permit for the Hilton Garden Inn and Conference Center.
Commercial use also included the Garage Condos west of 33rd Street and Broadway, activity in eight office parks and seven retail centers.
“When you combine this with investment made and additions and alterations to our existing businesses and building throughout Edmond — which I really think is important — the commercial activity comes to over $153 million in Edmond,” Yowell said. “This is the largest amount of commercial activity that we’ve had in the history of Edmond.”
The city’s population has grown to nearly 92,000 residents with an average household income of $105,000, Yowell continued. Edmond’s unemployment rate is at 3.2 percent. Nationally the unemployment rate as of February stands at 4.7 percent, according to the U.S. Department of Labor statistics.
Making Edmond a great place to live and do business are a few statistics Yowell mentioned. Edmond has the lowest crime rate in the metro area and just about in the state, she said.
“Our average new home price in 2016 was just under $350,000. Our existing home price is $270,000,” Yowell continued.
However, she said 130 fewer homes were built here in 2016 compared to 2015. Nine homes were permitted for more than $1 million compared to 21 million dollar homes in the previous year.
Edmond currently has about 4,500 apartment units in the multifamily sector with 2,000 such units built since 2000. The occupancy rate remained strong at 93 percent.
“2016 was a really extremely strong year for commercial development,” Yowell said. “We had 66 new permits issued versus 42 in 2015.”
Many new restaurants have chosen to do business in Edmond. Twenty new restaurants have located here this year, she said. Ten more restaurants will be added here in the remainder of 2017.
Bryant Square has added $7.5 million of investment with renovations and new construction for new and existing businesses. Landscaping and new signage will be added there, Yowell said.
Additionally, the intersection of Kelly and Covell experienced $7.5 million of private investment in 2016. More than $2 million of investment there was made in 2015.
A 16,000-square-foot building is being constructed and a free standing garage/restaurant that will open later this year, she said.
Downtown development is flourishing with Campbell Corner filling up. More than $3.2 million of new commercial additions and business alterations occurred in 2016.
“That brings the total private investment downtown since the year 2000 to over $30 million,” Yowell said.
Coming in 2017 is a 6,000-square-foot building to be two stories at the southeast corner of Fifth Street and Broadway. Tucker’s Onion Burgers will be on the first floor with office space on the second floor.
Two three-story buildings, each at 45,000 square feet are planned to be located at Campbell and Jackson.
Also, Park17 will be new mixed use building on the northwest corner of Fifth Street and Littler to include 18 multifamily units with retail on the first floor. Down the block at the southwest corner of Third Street will be the Towns at Stevenson Park consisting of 14 multi-family units facing Littler.
Activity continues along the I-35 Corridor with OnCue under construction at 15th Street, and Fox Lake is filling up with Chick-fil-A and Taco Bell.
Yowell said that Mercy also has land to develop along the interstate.
“Our medical impact across Edmond continues to be very significant with over $225 million of investment to date,” Yowell said.