OG&E Energy Center

[Motley]

The north parcel will include an office tower for OGE and a residential tower, one is 25 stories and the other 26 stories. That is a done deal as far as I understand. On the south parcel, Clayco will commit to the office tower and then build the residential tower if the one on the north parcel fills quickly. Lastly, if there is interest, there is still room in Clayco's design for a boutique hotel.

At worse, there will be three towers on the site, and at best up to five.

[Just the facts]

I think some of you are being manipulated masterfully in the Clayco proposal by them including the Stage Center lot in their rendering for their south lots. Clayco is only promising a single office building fronting the park. Their residential tower only gets built if they are happy with their north tower. If the choice is between an office building fronting the park and a residential tower with 47 more units fronting the park why is anyone picking the office building? Are pretty pictures really that powerful?

[Motley]

I do like the symmetry and look of identical buildings, yes. Also, there will be one 25 story residential building built with Clayco. If there is demand, the second one will come. If the first is not a success, the second one could become an omen for other developments. I don't see what is wrong with testing the market and building a slightly more conservative timeline to guarantee success by the developers. I really think the identical towers will be a distinctive feature for downtown and will be used widely for shots of OKC.

[jccouger]

I'm completely on board with milhous.not a fan of identical buildings.its a good looking building, but not so nice we need it twice. Residential facing the mbg is more important and can garner a lot higher rents.

We are being duped by clayco with their fake promise of 2 residential towers . If they won't commit to building the residential tower it shouldn't even be allowed in their proposal.

[catch22]

They need to reverse it. Guarantee the south residential tower, if it doesn't lease don't build the north.

[bchris02]

I agree. The only thing I don't like about Clayco is the south residential tower isn't guaranteed. Do I think the north tower will lease? Absolutely. Do I think the south tower will be built. Very likely. However, the fact it's not guaranteed is enough to be concerned, especially considering other projects in this city. I like catch22's idea of reversing the south parcel, promising the residential tower and let it front the park. I don't think if that's even a possibility at this point though.

[Motley]

Would be an interesting question for Clayco. Why put the office building on the park side? I assume OGE wants the park front for their parcel, but why not reverse them on the second parcel? Will the office space garner more revenue and higher rates for views?

[OKCRT]

In a growing city like OKC is you can be pretty sure the 1st tower is going to do great and the 2nd will be built soon after. I think there's prob demand for much more than what these proposals will bring. I say build them all!

[Laramie]

In a growing city like OKC is you can be pretty sure the 1st tower is going to do great and the 2nd will be built soon after. I think there's prob demand for much more than what these proposals will bring. I say build them all!

Would like to see Clayco build a 36 story office tower and a 34 story residential tower (Phase I); then, you could add some smaller additions (Phase II) like an 18 story office and 16 story residential towers to complement what you have built if the demand hasn't peaked.

[hoya]

I want to see them decrease all 4 buildings to 20 stories, and then build 2 more identical towers (total of 6) just to piss you guys off.

[Jeepnokc]

I want to see them decrease all 4 buildings to 20 stories, and then build 2 more identical towers (total of 6) just to piss you guys off.

With lots of use of EIFS. Set back with parking lots in the front.

[BoulderSooner]

I think some of you are being manipulated masterfully in the Clayco proposal by them including the Stage Center lot in their rendering for their south lots. Clayco is only promising a single office building fronting the park. Their residential tower only gets built if they are happy with their north tower. If the choice is between an office building fronting the park and a residential tower with 47 more units fronting the park why is anyone picking the office building? Are pretty pictures really that powerful?

Because we have a huge need for office space.

[BrettM2]

I think some of you are being manipulated masterfully in the Clayco proposal by them including the Stage Center lot in their rendering for their south lots. Clayco is only promising a single office building fronting the park. Their residential tower only gets built if they are happy with their north tower. If the choice is between an office building fronting the park and a residential tower with 47 more units fronting the park why is anyone picking the office building? Are pretty pictures really that powerful?

Glad to see your time away improved your people skills.

[Laramie]

I want to see them decrease all 4 buildings to 20 stories, and then build 2 more identical towers (total of 6) just to piss you guys off.

Whatever they build; they need to fill the vacant lots in the CBD & Bricktown. The undeveloped land is of more a concern than anything.

[Plutonic Panda]

I want to see them decrease all 4 buildings to 20 stories, and then build 2 more identical towers (total of 6) just to piss you guys off.

You fiend!

[Just the facts]

At worse, there will be three towers on the site, and at best up to five.

Not necessarily - the Milhaus proposal only uses the east side of the lot and leaves the west side undeveloped. Someone could build two more towers on the undeveloped section (including Clayco if they lose the whole block but still want to develop their project).

[ljbab728]

Not necessarily - the Milhaus proposal only uses the east side of the lot and leaves the west side undeveloped. Someone could build two more towers on the undeveloped section (including Clayco if they lose the whole block but still want to develop their project).

Kerry, what you're saying agrees with what Motley said. With the two on the North half there could be as few as three or could be five. With a potential hotel that actually could provide up to six.

[Just the facts]

Kerry, what you're saying agrees with what Motley said. With the two on the North half there could be as few as three or could be five. With a potential hotel that actually could provide up to six.

Sort of, but I am saying there could be 6 building max (3 on the Stage Center lot and 3 on the south lot). The Milhaus proposal leaves half the block for future development and Clayco's two proposed towers could easily fit on the west half. In fact, all 5 Clayco towers could be built on the Stage Center site alone. To be honest, this project isn't near dense enough. The lot is about 310' by 435'. Oklahoma Tower, Robinson Renaissance, Corporate Tower, and 1/2 of the City Center East Garage take up 11% less space.

[ljbab728]

Sort of, but I am saying there could be 6 building max (3 on the Stage Center lot and 3 on the south lot). The Milhaus proposal leaves half the block for future development and Clayco's two proposed towers could easily fit on the west half. In fact, all 5 Clayco towers could be built on the Stage Center site alone. To be honest, this project isn't near dense enough. The lot is about 310' by 435'. Oklahoma Tower, Robinson Renaissance, Corporate Tower, and 1/2 of the City Center East Garage take up 11% less space.

Well not every new project downtown is going to be maximum density. In fact, most probably won't be. Your Utopia is not coming.

[Just the facts]

Well not every new project downtown is going to be maximum density. In fact, most probably won't be. Your Utopia is not coming.

It won't if I don't say anything.

[ljbab728]

It won't if I don't say anything.

And it won't if you do also. LOL

[Plutonic Panda]

New Towers to Require Requested Record Amount of Tax Increment Financing | News OK

[ljbab728]

From that article.

Clayco is asking $29 million in TIF for the proposed 25-story office tower, which they forecast to cost $216 million. The company is asking $9.25 million for the planned $70 million, 26-story 253-unit apartment tower.
We're looking at a total $38.25 million in TIF with this - or 89 percent of the anticipated ad valorem taxes that would be generated by the development.
Will the TIF requests cause any hiccups in what is set to be the most extensive expansion of the downtown skyline since the early 1970s? Will equally aggressive requests be made by Clayco for the north half of the block? Will more TIF be requested for a tower I expect to be announced for Main and Hudson?

Stayed tuned kids. This is where downtown development gets serious.

[HOT ROD]

so Clayco is asking for 13% in TIF. Not that much greater than the 10% norm. ..

Milhaus is asking for 26+% in TIF. This is the huge outlier!

There should be no way that Clayco doesn't get this, BUT - I hope the city imposes a moratorium on the $9M TIF for the Residential, that it doesn't get paid until that tower gets built. Since OGE is paying for the Stage Center area, I wouldn't think there'd be any TIF desired - unless to relocate utilities or aide in other activity the city would be involved in anyways (like Devon's non-P180 activities).

I, for one, am interested to know what they want to do with the TIF? The 13% amount doesn't phase me.

[bchris02]

There should be no way that Clayco doesn't get this, BUT - I hope the city imposes a moratorium on the $9M TIF for the Residential, that it doesn't get paid until that tower gets built. Since OGE is paying for the Stage Center area, I wouldn't think there'd be any TIF desired - unless to relocate utilities or aide in other activity the city would be involved in anyways (like Devon's non-P180 activities).

I think this is a good idea. The TIF should be dependent on the south residential tower getting built to ensure that it does.