Combined cost of the CC, hotel, park, and mixed use

[ChrisHayes]

I got to wondering, what's the combined cost of Scissortail Park, the convention center, the Omni Hotel, and the mixed use development wrapping around the parking garage? It has to be as a whole the most expensive area of development in the history of the city. Next to maybe Devon Energy Center

[aintaokie]

$777 million for all MAPS 3 projects combined.......originally budgeted.

[CloudDeckMedia]

Would someone please explain why the entire $777 million should be an investment by taxpayers and not portions from a private developer, specifically the hotel & garage components? I understand government involvement in certain instances such as offering incentives for large employers, creating public-private entities like turnpikes, TIFs, UDBGs and the like, but why wasn’t private capital funding sought for at least part of this?

[David]

It was and is. The Park and Convention Center are fully city funded, because screw corporate ownership of our park and it makes no sense for our city convention center either, but the Omni Hotel and mixed use development around the garage are not fully taxpayer funded.

Now, the $777 million for MAPS 3 in general is another question that only touches the first two of the above, and that was asked of and answered by the voters years ago. We're building our city back from a place where "we couldn't see our people wanting to live there" was the previous corporate response.

[onthestrip]

Would someone please explain why the entire $777 million should be an investment by taxpayers and not portions from a private developer, specifically the hotel & garage components? I understand government involvement in certain instances such as offering incentives for large employers, creating public-private entities like turnpikes, TIFs, UDBGs and the like, but why wasn’t private capital funding sought for at least part of this?

The hotel is not part of MAPs. But it is getting TIF money

[shawnw]

Also I'm pretty sure Pete has provided numbers previously regarding the total investment due to MAPS projects (public funds from MAPS and private developer funds) and I thought the private investment had since outstripped the public investment.

[HOT ROD]

the $777m number above is the combination of all of the C2S projects so far; park ($130m), cc($280m), hotel ($240m), garage (~$80m), and residences ($50m) as rough figures. It is only a coincidence that these projects also equal the entire cost of Maps 3. ..

Park, CC, and Garage are city owned and funded by maps (garage funded by bonds iirc). The hotel is funded by $160m private, city $80m. Residences are private funded. This is a pretty damn good deal for the city, creating a true Convention district for 'only' about $480m in city investment. Granted there is streetcar coming by and bonds/TIF for utilities, etc; but this is all transformational and extends downtown like the original C2S master plan put forth by former Mayor Mick Cornett. Keep in mind there are other private investment in the area including the first-to-market Fairfield Inn and Suites. Not a bad return on investment by the city yet now OKC can truly compete with other tier 2 markets and offer itself as an alternative to many tier 1s or be a premium against tier 3s.

[OKCRT]

I hate to even think what OKC would be today if not for maps.

[Laramie]

I hate to even think what OKC would be today if not for maps.

MAPS initiatives have revitalized Oklahoma City; increase sales revenue, economic & corporate growth, unprecedented housing development and a better cosmetic look for people who haven't been here in the last 25 years--would recognize a totally different city.

[Laramie]

The Convention Center District comprised of $288 million convention center, $40 million 550 space parking garage, $131 million DT Scissortail Park & $240 million Omni Hotel will infuse $700 million into the new district--these figures exclude the Fairfield Inn & Suites by Marriott and the streetcar route linking Bricktown.

[shawnw]

Um, who says we're calling this the convention center district?

[Ross MacLochness]

[QUOTE=Laramie;1052266]$288 million convention center, $40 million 550 space parking garage/QUOTE]

Almost $73,000 per parking space! All for things that sit passively 90% of the time. I guess I didn't realize how expensive garages are... I hope that we get smarter about commuting.

[Laramie]

Um, who says we're calling this the convention center district?

Nothing official yet.

[shawnw]

Well, I know it won't be a BID district anyway. At least there's been no indication of that in the board meetings so far. If you want the people to embrace a new district, better to go with something related to the park. I do agree we need to call it something other than "core to shore", but the park is what the area will be known for, and what we should want to attract attention to, NOT the convention center. The park will be there in 50 years. The convention center may not be.