A national consultant on Tuesday unveiled an ambitious development plan for land that fronts Interstate 35 in Norman. A key part of the concept is the construction of a new arena for University of Oklahoma athletic events. [RENDERING PROVIDED]

NORMAN — The proposed University North Park development in north Norman would generate $25 million in new annual taxes if fully developed, economists said Tuesday.

According to studies by University of Oklahoma economist Robert Dauffenbach and the Oklahoma Department of Commerce's Jon Chiappe, the proposed 500-acre, mixed-use development also likely would create at least 2,000 jobs.

"We are in a different world as far as retail is concerned. We have to do things to bring people out more," said Dauffenbach, director of the Center for Economic and Management Research at OU's Price College of Business.

"That's a real advantage of this sort of entertainment-district design in this plan. We need to think more about how we bring people out to spend their money rather than just leaving them at home with their laptops."