Boardwalk at Bricktown / Dream Hotel

[LocoAko]

I may be misunderstanding the legalese, but my understanding is the TIF agreement was finalized by the City Council this morning. I assume with that in place we may finally see movement on the plans for this development.

[Tyson]

I may be misunderstanding the legalese, but my understanding is the TIF agreement was finalized by the City Council this morning. I assume with that in place we may finally see movement on the plans for this development.

That would be some great news. They are moving so quickly with this.

[BoulderSooner]

I may be misunderstanding the legalese, but my understanding is the TIF agreement was finalized by the City Council this morning. I assume with that in place we may finally see movement on the plans for this development.

Final approval of the Economic Development Agreement ..

[Laramie]

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The incentive package will provide 90% of the ad valorem tax generated by the development over the 25-year life of the TIF with a cap at $200 million, as well as reimbursement of sales tax and use tax generated during construction capped at $5.5 million.

The development is estimated to cost more than $736 million, but the incentives are based on $550 million, which is the total less the 348-room Hyatt Dream Hotel and related components. The project lies in the no-subsidy zone under an agreement with Omni Oklahoma City Hotel that prohibits tax incentives for any other hotel for 15 years.--Journal Record, December 5, 2023

Three apartment towers will provide 924 units, The development is estimated to cost more than $736 million, but the incentives are based on $550 million, which is the total less the 348-room Hyatt Dream Hotel and related components. The project lies in the no-subsidy zone under an agreement with Omni Oklahoma City Hotel that prohibits tax incentives for any other hotel for 15 years.

Looking at the inflation factor, if you compare this to OKANA development--it ballooned from $300 million to $400 million--25% inflation.

The pace of this development is picking up.



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[chssooner]

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The incentive package will provide 90% of the ad valorem tax generated by the development over the 25-year life of the TIF with a cap at $200 million, as well as reimbursement of sales tax and use tax generated during construction capped at $5.5 million.



Three apartment towers will provide 924 units, The development is estimated to cost more than $736 million, but the incentives are based on $550 million, which is the total less the 348-room Hyatt Dream Hotel and related components. The project lies in the no-subsidy zone under an agreement with Omni Oklahoma City Hotel that prohibits tax incentives for any other hotel for 15 years.

Looking at the inflation factor, if you compare this to OKANA development--it ballooned from $300 million to $400 million--25% inflation.

The pace of this development is picking up.



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It better, or they will.come back asking for more TIF funds to counteract the rise in costs. Lol

[Tyson]

I get so excited seeing that sketch again, even though it's 2 years old, cause you can already see how wildly different this is than any other high rise development in OKC. The BALCONIES... *sigh* lovely.

[ChrisHayes]

In all honesty, I've been worried about this project. Mainly due to issues with interest rates and the commercial real estate market. Any news of progress is much welcomed. Hopefully we see the official renderings sooner, rather than later.

[chssooner]

In all honesty, I've been worried about this project. Mainly due to issues with interest rates and the commercial real estate market. Any news of progress is much welcomed. Hopefully we see the official renderings sooner, rather than later.

The longer this drags on, the more money they will come back and ask for. Tale as old as time. I'd love for one of these projects to prove me wrong. Boulevard Place, Alleys End, this one, all have been delayed constantly, leading to repeat TIF requests.

[Rover]

It better, or they will.come back asking for more TIF funds to counteract the rise in costs. Lol

Yes, so you keep saying.

[Oski]

The longer this drags on, the more money they will come back and ask for. Tale as old as time. I'd love for one of these projects to prove me wrong. Boulevard Place, Alleys End, this one, all have been delayed constantly, leading to repeat TIF requests.

A lot of moving parts to put something like this together: materials, interest rate, labor, economy, etc. I'm sure they more eager than you are to start the construction, just that the numbers may not work out yet. You want to see something, but it's their money, their lives, their families are put on the line. It's not easy, look at the restaurants that are being closed left and right in OKC.

[G.Walker]

I am sure the official renderings/designs are complete. They are probably just sitting on them until everything is finalized.

[Rover]

I am sure the official renderings/designs are complete. They are probably just sitting on them until everything is finalized.

It seems as if a lot of people think final renderings are cheap. When you get early concept only rendering is when everyone on here goes crazy that they were sold a bill of goods and the final building doesn't look like the beautiful drawings. Final rendering reflect an immense amount of work and cost. You don't go deep into the final plans until you are pretty darn sure everything is buttoned up.

[Tyson]

It seems as if a lot of people think final renderings are cheap. When you get early concept only rendering is when everyone on here goes crazy that they were sold a bill of goods and the final building doesn't look like the beautiful drawings. Final rendering reflect an immense amount of work and cost. You don't go deep into the final plans until you are pretty darn sure everything is buttoned up.

Thank you for saying that!! ^^ This is so true. Renderings take a while for a reason. I've heard about this issue all too much from family of mine who work different design and construction jobs. I haven't given up hope because I know they're working hard to get finalized renderings at the proper cost and accuracy.

[Pete]

I don't think we'll see anything until the construction drawings are largely done and then they'll submit renderings and detailed plans for design review.

[rcjunkie]

I'd almost bet a paycheck that if the new arena vote doesn't pass, this project will not proceed!

[jdross1982]

I'd almost bet a paycheck that if the new arena vote doesn't pass, this project will not proceed!

1000%

[Ryan]

1000%

1000% is being conservative. If I were a gambling man I’d go 2000%

[ChrisHayes]

I have my concerns about this project, but the new arena passing/failing isn't one of them. Oklahoma City is going to grow whether we get a new arena or not. This project has been in the works for over 2 years now. Long before Holt began the push for the new arena.

[Urbanized]

The ultimate need for the new arena has been known about in business and City leadership circles LONG before the mayor announced this effort last year. It was even acknowledged when the Paycom Center received its previous round of upgrades a decade ago. As in “this will suffice for a few years, but ultimately we’ll need to build a new arena in the net too distant future.” It wasn’t an open secret; wasn’t even a secret at all to anyone paying close attention.

The mayor didn’t suddenly dream up the building need last year; this need has been openly discussed for a decade in business and political circles.

OF COURSE this development was put together with the prospect of a new facility on the horizon. It was just a question of exactly when that would be, which the mayor answered last year in his State of the City.

I can’t speak to what will happen to this project if the arena fails, but it would be incredibly naive to expect that it would be unaffected.

[chssooner]

Steve in his chat mentioned that the development group doesn't actually own the land yet. Is that true? Have I missed this? Why would they go through all this trouble if they don't own the land?

Or are they putting the cart before the horse, which could be very bad, since that property has increased in value significantly the last 2 years, since this started being talked about?

[Urbanized]

^^^^^^^^^^^
The land is owned by the Oklahoma City Urban Renewal Authority and is under a preexisting development agreement with Hogan. There is zero risk of what you describe above.

[Rover]

Steve in his chat mentioned that the development group doesn't actually own the land yet. Is that true? Have I missed this? Why would they go through all this trouble if they don't own the land?

Or are they putting the cart before the horse, which could be very bad, since that property has increased in value significantly the last 2 years, since this started being talked about?

Having binding contracts to acquire the land is all that is necessary to proceed. It isn't unusual. Being able to get the financing, incentives, approvals, etc. are often conditions for a purchase contract to be consummated.

[chssooner]

Ok, just wanted to make sure! I just wasn't aware of that.

[Bowser214]

Welp. Here we go. News ok just dropped this on us. 2nd tallest residential sky scraper
Planned for The Bricktown’s Boardwalk Live
Check out this article from The Oklahoman:

OKC could get residential skyscraper twice as tall as Devon tower in developer's Bricktown plan

https://www.oklahoman.com/story/news...s/71937684007/

[Jake]

Wish them the best with the tower. God bless 'em.