OARP Market Analysis

Oracle Area Revitalization Plan (OARP)

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Para asistencia en español, por favor contacte María Gayosso, al (520) 791-4505.

Market Analysis Report

Understanding the project area’s current real estate condition, as well as its future development potential, is one element of the overall revitalization planning effort.

To gain this insight, the City of Tucson hired Economic & Planning Systems, Inc. (EPS) to research the project area, to analyze the findings against market trends nationally and locally, and to provide their recommendations.

The final draft of the Market Analysis Report was completed in April 2008. The Executive Summary provides a cursory overview of the project area, the EPS’s findings, and preliminary strategic recommendations for how to encourage revitalization in the real estate market. An abstract of the recommendations is provided below.

How will this report be used?

The Market Analysis Report provides information useful to developers considering prospects in the Oracle area, as well as to the OARP Project Team in developing tools to encourage future development.

OARP Project Team staff met with local developers, real estate brokers and financiers in July 2008 to discuss EPS’s findings and recommendations. The participants at these Redevelopment Opportunities Discussions reviewed the Market Analysis Report, as well as maps of vacant and commercial properties (click here to view maps and detailed information sheets) in the area, and provided their own reactions to the development challenges and opportunities based on their knowledge and experience. (To learn more about the results of these meetings, please contact an OARP Project Team member at 791-4505 or OARP@tucsonaz.gov.)

Ultimately, the information provided in the Market Analysis Report and from the Redevelopment Opportunities Discussions will be taken into consideration as the OARP Citizens Steering Committee (CSC), the OARP Project Team staff, and the Technical Advisory Team (TAT) work together to develop the Oracle Area Revitalization Plan (see the CSC web page for meeting schedules and handouts).

   

EPS’s Preliminary Strategic Recommendations

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Revitalization efforts should focus on the activity center near Pima Community College.

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Housing should be the initial focus of revitalization efforts.

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Commercial development opportunities will increase as residential development occurs and the local population grows.

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To enhance the financial feasibility of new development, zoning in the OARP area should encourage mid-rise densities along major corridors (roughly six to seven stories).

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The Plan may consider various incentives to encourage desired development, such as density bonuses for projects that include mixed uses, income-restricted affordable housing, community facilities, etc.

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Increased transit connections can enhance development opportunities.

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Streetscape and landscaping improvements can enhance the pedestrian environment and property values.

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The City’s efforts to enhance code enforcement and improve security through crime prevention should continue to be a high priority throughout the OARP area to help combat properties in disrepair and crime.