Three census tracts in Edmond have been designated as federal Opportunity Zones. Gov. Kevin Stitt made the designations, which are intended to attract private investment in housing, downtown revitalization and commercial development.
Opportunity Zones are federally designated census tracts where qualifying investments made through Qualified Opportunity Funds may receive federal tax benefits. The program does not guarantee project financing, approval or construction, and the U.S. Department of the Treasury must certify selected census tracts before official designation. The renewed program is scheduled to take effect Jan. 1, 2027, with designations lasting 10 years.
Planned projects within the three tracts include a $90 million housing and mixed-use development in Census Tract 1082.03; a proposed $150 million transit-oriented development and a proposed $10 million project in Census Tract 1082.04; and two mixed-use and multi-family developments totaling $76 million in Census Tract 1082.07. A potential future commuter rail is also planned along the Edmond-Oklahoma City-Norman corridor.
The three tracts have a documented pipeline of $360.5 million in planned private investment across nine identified future projects. Approximately $285.8 million in public and private investment is anticipated to be completed.
The designations resulted from work by Edmond municipal and legislative leaders to develop an economic strategy and advocate for the selections.