Boardwalk at Bricktown / Dream Hotel

[HOT ROD]

I agree, which is why Im in support of TIF. But again, we can redefine it beyond the funding mechanism it currently is to more of an incentive to encourage high density and urban development. Right now (as Pete alluded) TIF is given to almost anything requested within the downtown developing nation zone(s). Therefore, OKC gets very few development proposals above 5 floors which I thought was more or less prohibited in the CBD and shoulder area.

I understand we needed to get "something" first, but I think we may now be at the point of urban density in the CBD and shoulder zones to focus TIF on dense developments and less so to get a proposal completed.

[jerrywall]

Three 25 story apartment buildings and a hotel require far more public services than a parking lot does over the next 15 years

While I understand your point on TIFS, those 3 25 story apartment buildings will generate income for the city and state outside of what the TIFs offset. That's a fair number of residents living, shopping, and eating downtown. There are employees paying income taxes and spending that money. There are other businesses that will profit on the construction, maintenance, and support of these buildings that will be paying taxes. I would hope any good TIF process is taking the broader economic impacts into account.

I'm sure there are lots of improvements, claw backs, and such that could be done to make the TIF system work better, but it's not as binary as it just costing the funds they offset.

[GoGators]

Three 25 story apartment buildings and a hotel require far more public services than a parking lot does over the next 15 years

All of the infrastructure already exists. The property is in the middle of downtown. I don't know where the extra cost on the taxpayer for additional public services would come from. Sewer is already in place, Electricity infrastructure already built, streetlights, sidewalks, Police patrols, fire station, and surrounding streets are all already there. That is one of the main benefits of urban infill and a good justification to subsidize it.

[Pete]

^

And, the city and state just spent a bunch of taxpayer money first putting in a new intersection on the east side of Uhaul, then tearing it up and moving it to Compress specifically to serve the Lower Bricktown area and this project in particular.

Billions in public funds have been poured into the area immediately surrounding this site. Plus, the developer was given a sweetheart deal on the land in the first place.

[G.Walker]

The TIF resolution passed the planning commission, now on to City Council.

[HOT ROD]

rubber stamp to come on Tuesday. eh?

Hopefully, this will expedite renders, plans, approvals, and construction!

[Pete]

As I've stated before, TIF districts and grants have a 100% approval rate by the Planning Commission and City Council.

This has long been decided.

[jdross1982]

I understand how some feel that OKC shouldn't need to subsidize these type of projects. In my mind, these are exactly the type of projects that should be subsidized as long as we get what is expected. 3 25 story residential buildings will bring a ton more people downtown and build on a site that is absolutely in need of development to remove one more MASSIVE surface lot! I would approve 3 more projects just like this in the lot east of Ballpark, just north of mcdonalds and the lots to the north of this development. All total adding a few thousand people living downtown and filling in surface lots with significant infill.

[G.Walker]

Are they still using Cube 3 as the architect? I wonder because they just did conceptual drawings 3 years ago, and we haven't seen any updated renderings.

The development has drastically changed so maybe they contracted a new architecture firm.

[GoGators]

Are they still using Cube 3 as the architect? I wonder because they just did conceptual drawings 3 years ago, and we haven't seen any updated renderings.

The development has drastically changed so maybe they contracted a new architecture firm.

With this particular development, I wouldn't mind seeing some significant changes to the layout of the existing conceptual drawings. id like to see these buildings really make an effort to address the surrounding streets and lessen the focus these buildings have on the interior lagoon. I wouldn't mind seeing the lagoon scrapped from this project all together.

[HOT ROD]

status, did it pass?

surprised no mention in the Daily.

[G.Walker]

I don't think the resolution was heard at this meeting, probably the next one.

[Pete]

The only thing the PC and council are voting on is removing sections of TIF #2.

The new TIF's (such as the one for this project) will have to be presented later and approved by council.

[ChrisHayes]

Any updates?

[G.Walker]

TIF was presented Tuesday to the City Council. Seems like Tsoodle is really pushing for this development, so that is a good sign. City Council to vote on TIF on March 28th, after that shouldn't be much longer until we see new renderings:

https://journalrecord.com/2023/03/15...n-okc-housing/

[onthestrip]

TIF was presented Tuesday to the City Council. Seems like Tsoodle is really pushing for this development, so that is a good sign. City Council to vote on TIF on March 28th, after that shouldn't be much longer until we see new renderings:

https://journalrecord.com/2023/03/15...n-okc-housing/

They also approved changing some TIF things up to provide Tannenbaum TIF money for the two office buildings-to-apartment conversions. Amazing how quickly this TIF money is being offered up not just a couple months after he closed on the properties.

[G.Walker]

I watched the replay of the meeting on YouTube. Councilmember Nikki Nice asked Tsoodle if the developers asked for the TIF, and he said yes. So there's that. After this project gets off the ground. I wouldn't be surprised if Randy Hogan secures the Bricktown Event Center parking lot and develops it as well.

[JAW]

I just wish they incorporated a canal expansion into this. They may be able to have a lagoon, whatever...just loop the canal back to the corner of the old sushi place and Harkins. It would liven up both the new development and the canal.

I don't know what the long term plan is. Do people really think a dead end canal is going to be good for Bricktown?

[David]

I just wish they incorporated a canal expansion into this. They may be able to have a lagoon, whatever...just loop the canal back to the corner of the old sushi place and Harkins. It would liven up both the new development and the canal.

I don't know what the long term plan is. Do people really think a dead end canal is going to be good for Bricktown?

It's been fine for Bricktown for like 25+ years?

Extending the canal would have been a massive disruption to the layout of this part of Bricktown and would require painful changes to Reno and the streetcar line, and for no good reason other than speculation about it being a nice idea. The cost of the above would have been nuts compared to what the developers are intending for this site.

[Canoe]

As I've stated before, TIF districts and grants have a 100% approval rate by the Planning Commission and City Council.

This has long been decided.

Yep, most of the hard work is accomplished at the staff level. If you are one of those staff members and you are reading this... Thank you for you hard work.

[BoulderSooner]

It's been fine for Bricktown for like 25+ years?

Extending the canal would have been a massive disruption to the layout of this part of Bricktown and would require painful changes to Reno and the streetcar line, and for no good reason other than speculation about it being a nice idea. The cost of the above would have been nuts compared to what the developers are intending for this site.

yep canal extension into a development on the coop site makes possible sense but not onto this property

[tcurrie72]

Looks like trouble for the Dream Hotel in Vegas

http://https://www.reviewjournal.com...stall-2747588/

[kukblue1]

https://www.reviewjournal.com/busine...stall-2747588/ Same company or different?

[chssooner]

https://www.reviewjournal.com/busine...stall-2747588/ Same company or different?

To answer your question, it is the same Dream hotel group.

But why does the DEVEOPER running out of money matter with regards to a hotel brand? I don't think this means anything for the OKC project, if that is your concern.

[Dob Hooligan]

To answer your question, it is the same Dream hotel group.

But why does the DEVEOPER running out of money matter with regards to a hotel brand? I don't think this means anything for the OKC project, if that is your concern.

I read the story and it looks like it’s a short term cash flow issue…sorta. They started paying with cash and previous financing terms fell through, so they were far along on plan B when cash ran out. Looks like it is 4 to 5 stories high already. Developer assurances are more emphatic than I usually read in these situations.