Edmond to decide on housing
By: J. David Chapman/October 27, 2022
On Nov. 8 the citizens of Edmond will be voting to uphold or deny a zoning change that the Edmond City Council approved for an apartment project near Interstate 35 and Memorial Road. A “Yes” vote on the question is to support the Edmond Planning Commission and the Edmond City Council decision to allow apartments at I-35 and Memorial. A “No” vote on the question is to support a group of citizens’ desire to not have apartments on the land.
The citizens have said they aren’t against apartments; they just want them to go somewhere else. This property is located on the I-35 corridor and fronts the interstate. According to Edmond’s 2018 comprehensive zoning plan, the I-35 corridor lists multifamily as an acceptable use because of access to jobs and services.
Major employers along the interstate like Mercy, Integris, Wal-Mart, Crest and multiple restaurants would benefit greatly from having housing nearby. Sixty-three percent of Edmond’s workforce is in the service and retail trade sector, creating a large need for less expensive housing. The Edmond Planning Department recommended approval for the zoning change because it serves this need, the infrastructure is in place, and it doesn’t conflict with Edmond’s comprehensive zoning plan.
Some say there are plenty of apartments in Edmond. More than 6,000 new homes have been built since the last apartment complex was completed in 2012. The Edmond multifamily market consistently remains 93%-96% occupied – basically full occupancy. In 2021, there were 725 new building permits, with the average home cost of $421,000. This year’s cost is averaging over $440,000. Many of Edmond’s employees and younger citizens are forced to move to neighboring cities to find more affordable housing options.
There is a tired narrative filled with misinformation to discourage the building of multifamily projects. Some have said that apartments will overcrowd our schools. In 2021, Edmond Public Schools reported in their redistricting process that out of every 100 apartment units in their district, they have 17 students. You’ll find four to five times that amount in the average Edmond neighborhood. When considering property tax revenue for our schools, a multimillion-dollar apartment project is a financial windfall for the district and produces few students.
Please do your research and vote either “yes” to allow the multifamily project or “no” to not allow the project on Nov. 8.
J. David Chapman is professor of finance and real estate at the University of Central Oklahoma (jchapman7@uco.edu).