Boardwalk at Bricktown / Dream Hotel

[Pete]

The surest sign yet that this project is still proceeding behind the scenes is that OCURA has submitted plans to create a new TIF district that would generate a budgeted $215 million in public assistance.

The money raised and spent will likely be significantly higher as TIF's run 25 years and are often double the amount originally budgeted.

Some of that may go towards developing what is now a public surface lot south of Oklahoma Ranch.

[chssooner]

I am ok with this if some of that goes towards developing that parking lot near Oklahoma Ranch. If not, then that is a lot of money for 2 hotels and a condo tower.

[David]

A nice development on that surface lot would be great to see.

[warreng88]

I am ok with this if some of that goes towards developing that parking lot near Oklahoma Ranch. If not, then that is a lot of money for 2 hotels and a condo tower.

Exactly. My jaw dropped when I saw the $215MM, but if it has to do with redevelopment of that lot west of the ball park, I am all for it. I would guess a parking garage would be part of it commercial development surrounding.

[BG918]

A nice development on that surface lot would be great to see.

I remember looking at a development plan for that lot when I worked for Benham back in 2007. I can't remember the group proposing it though.

[Pete]

I remember looking at a development plan for that lot when I worked for Benham back in 2007. I can't remember the group proposing it though.

It was Bob Funk and Scott Pruitt, then-owners of the Redhawks.

They wanted to buy both parking lots on either side of Joe Carter Avenue. In the end, they pulled out when the city determined there would have to be an open RFP for those properties. By all appearances, they were trying to get that land for a lot less than it was worth and then quit pursuing it when they realized they would have to pay fair market price.

[jccouger]

Why is the ballpark lot highlighted? Is it possible hotels/developments are being planned for the far east portion of the lot much like hotels along Sheridan?

[Pete]

Why is the ballpark lot highlighted? Is it possible hotels/developments are being planned for the far east portion of the lot much like hotels along Sheridan?

I would think it would be due to possible development of the parking lots on either side of Joe Carter.

[Pete]

Oklahoman reported this morning that the proposed new TIF I posted about would indeed be used for the project on the UHaul lot.

There will still be the Dream Hotel but plans have changed from 215 rooms to 315 and the 2nd hotel tower (Unscripted) has been dropped.

Instead, there will be three apartment towers built on top of an apartment garage, although the 3rd wouldn't start until Dream and the first two apartment structures are completed.

All would be between 24 and 26 stories. Previously, the buildings were 19 and 22 levels.

https://www.oklahoman.com/story/news...e/69921817007/

[Just the facts]

Do you know what the 4th tower will be?

[Pete]

Do you know what the 4th tower will be?

I corrected my post above. 3 apartment towers, 1 Dream Hotel.

[Pete]

I'm sure they had to go heavy on apartments because the deal with Omni prohibits TIF from being used for a downtown hotel.

[jdross1982]

I'm sure they had to go heavy on apartments because the deal with Omni prohibits TIF from being used for a downtown hotel.

Between that and an increased need for more residential downtown so I am sure this is a win win for all involved.

[Pete]

BTW, that article also quotes Randy Hogan as saying this project is a "moonshot" so take all this with a grain of salt.

[dheinz44]

Do we know how long the TIF agreement with the Omni lasts?

[Pete]

Do we know how long the TIF agreement with the Omni lasts?

I believe it is 25 years.

[G.Walker]

I guess this a bittersweet article. Now we have a bigger project, but still have to wait at least a year before any dirt starts turning. Also, the renderings we did have will probably drastically change.

Approving the TIF will seal the deal, that will be the key to pulling this off. Apartments are in high demand, they must had good interest in the apartment tower to go from 1 to 3. Smart on their part to flip it, so they can get financed for a bulk of the project.

[Just the facts]

I'm actually glad to see it apartment-heavy. Hotels are nice but permanent residents bring an entirely different need for goods and services. Now if we could just get more condos, townhomes, and other for-sale units to help drive prices down.

[LocoAko]

I can't read the Oklahoman article, but if nothing else taller towers and swapping hotel for permanent residents seems like a good thing to me. TBD on how any renderings change especially at the street level.

[Pete]

This would be a ton of residential units near Bricktown and that would help to bring more life and businesses to the canal, which is sorely needed.

I'd like to see the upper floors of some of those canal buildings converted to apartments.

[shavethewhales]

That's going to be incredible and make a massive impact to OKC's skyline, not to mention the added vibrancy as Pete mentioned. I'm incredibly excited for this development and waiting another year for something bigger and better is totally fine. It's like the opposite of the Convergence development that got watered down to the point of not really being exciting anymore.

Is there any reason to think the TIF for a massive development like this wouldn't pass?

Also, can we get a better mass transit hub for Bricktown now that they'll have even more density? I know they've got the street car stop right across the street from this, but something wider reaching would be good to. Maybe this will help Amtrack as well.

[Pete]

Is there any reason to think the TIF for a massive development like this wouldn't pass?

Once a district or grant gets to the Planning Commission and then City Council, there has been a 100% pass rate.

Everyone voting gets briefed in private before something like this hits any public agenda. And they don't proceed until they have the needed support.

[TheTravellers]

This would be a ton of residential units near Bricktown and that would help to bring more life and businesses to the canal, which is sorely needed.

I'd like to see the upper floors of some of those canal buildings converted to apartments.

I have no idea, but I suspect it's not much, so I'm wondering how many lofts there are in Bricktown? They're popular in other cities (or at least they used to be), and I know we have a few here (Garage Lofts is about the only one I know of, actually), but seems like a missed opportunity - is there no demand from people, no demand from developers, ....?

[Anonymous.]

I have no idea, but I suspect it's not much, so I'm wondering how many lofts there are in Bricktown? They're popular in other cities (or at least they used to be), and I know we have a few here (Garage Lofts is about the only one I know of, actually), but seems like a missed opportunity - is there no demand from people, no demand from developers, ....?

Lofts as in for-purchase condos? There is only 30 in Bricktown proper, they are all the original ones along the canal in the Centennial building.

As for all residential in Bricktown proper, there is only 3 buildings that have residential. The Centennial, The Steelyard, and there is a handful of apartments @ 222 E Main St.

[G.Walker]

If they build the towers as planned, we are looking at 300-350ft height on all towers.