Huge Mixed-Use Development for Waterloo Rd.

[Plutonic Panda]

Wow. This is extremely impressive. Hopefully it happens.

The biggest development ever in Logan County is in the works.

The problem is how to pay for it.

"All I was looking for was a hospital to serve the county," said Dr. Charles Wedde, a local doctor and co-founder of Trinity Regional Development.

Weddle's simple idea has turned into a half-billion-dollar project.

"Over the next 5-10 years, it's been projected that this piece of property could run project costs of half a billion dollars or more," said Weddle.

The Trinity mixed use development would be built on a nearly 150 acre lot in the northwest corner Interstate 35 and Waterloo Road. It would include a hospital, medical buildings, apartments, and restaurants.

"We believe that this mixed use development, which will spurn other developments along I-35, as well as Waterloo Road both north and south of the boundary, would help support that growth. This would allow exposure of not only first class physicians to the community, but the community to services that they don't have currently nearby," said Weddle.

The project would be paid for by tax increment financing or "TIF." That means tax money would go back to the developer.

Read more: Major Logan County development stalled by funding | Oklahoma City - OKC - KOCO.com

[Plutonic Panda]

Currently, the proposed site lacks the necessary utilities and infrastructure to move forward, and the county, city and utility providers have no resource to provide these services. These needs include water supply, storage, treatment and distribution, sanitary sewer service, storm water detention, street widening and other improvements. Specifically, one improvement includes the widening of the congested Waterloo Road.

- Over 300 jobs and $184 Million in economic activity possible from proposed economic development project in Logan County | Guthrie News Page

I don't think this will be the case for long. This corridor is growing rapidly. I wonder how long it will be until Guthrie is connected to Edmond. I'm thinking 10-20 years. That really isn't that long if you think about the distance between the two.

[Plutonic Panda]

Another article on it

The Trinity Mixed-Use Development site is located on 147 acres of vacant property in Logan County on the northwest corner of the intersection of I-35 and Waterloo Road. The first phase of the proposed mixed-use project will feature a senior living facility, in addition to a hospital, medical office building, convenience store and restaurant.

“Logan County residents and their families will benefit from the services being proposed on this site, especially the senior living facility,” said Charles Weddle, MD, Trinity Investor. “This amenity will deliver top-notch care and allow families to be closer to each other.”

The senior living facility, developed by CBC Reality Group, will have the capacity for 80 residents and will employ 50 individuals.

“The current site only pays $126 in property taxes – the proposed development will eventually bring in over $30 million in new tax revenues for Logan County, the fire district, the school district and the voc-tech school,” said Weddle.

Construction activity for the proposed project is expected to generate over 300 new jobs and $184 million of spin-off economic activity. Furthermore, once Phase I projects are complete, including the senior living facility, they will generate more than $64 million annually in economic activity.

- Proposed senior living facility to benefit Logan County | Guthrie News Page

[Plutonic Panda]

Also, here's information about the developer: http://investing.businessweek.com/re...apId=210688201

[Plutonic Panda]

From their website:

LOGAN COUNTY FORWARD

Trinity Regional Mixed-Use Development is developing a project that is a mixed-use development that will bring countless new jobs and services into the community. Nueterra Properties Group, LLC is the developer.

While the 147-acre site will be developed in phases, the first 30-acre phase will feature a hospital, medical office building, convenience store, restaurant and a senior living facility, all of which will serve the entire community. Future phases may include additional retail and restaurants, a skilled nursing facility, urgent care center, offices and a hotel.

Currently, the proposed site lacks the necessary utilities and infrastructure to move forward, and the county, city and utility providers have no resource to provide these services. These needs include:

• Water supply, storage, treatment, and distribution
• Sanitary sewer service
• Streets and roads including widening Waterloo Road to relieve existing congestion

Typically, governments and utility companies provide the infrastructure for these types of projects.

However, with estimated infrastructure improvement costs of several million dollars—resources not available from local entities—developers would have to cover all infrastructure costs themselves, making the project too expensive to be financially feasible. For this reason, the developer is proposing the use of TIF, which would relieve the public from the burden of financing these improvements while keeping the project feasible.

HOW WILL THE TIF WORK?

The developer will pay for the infrastructure up front
When Phase I buildings are complete, the new taxes they generate will be used to pay off the infrastructure costs over several years
When infrastructure costs are paid off, the taxes are paid as they normally would be to the taxing jurisdictions: the County, fire district, school district, voc-tech, etc.
Taxes generated by new construction in future phases will be paid to the taxing jurisdictions (estimated at over $30 million in new taxes)

- Trinity Regional Development

[Plutonic Panda]

Additional benefits will include improvements to Waterloo Road, which today is frequently congested. The infrastructure improvement plans add two new lanes between I-35 and Sooner Road and include a new center turn lane, a through lane and a right turn lane; developers will also work with the Oklahoma Department of Transportation to tie its plans for Waterloo Road into the design of the state’s new Waterloo and I-35 interchange.

Infrastructure for the site will improve area traffic and lay the foundation for future business owners and retail services, as all utilities can be expanded for use by others. The proposal also relieves the county and its constituents of the economic burden of providing the utilities.

- Trinity Regional Development

[David]

Maybe I'm just speaking crazy here, but wouldn't it make more sense to build this development somewhere where the supporting utilities are already in place? That way they get the tax benefits without having to spend those taxes to maintain even more infrastructure?

[CuatrodeMayo]

I grew up in the neighborhood just to the north of this site. I spent many countless hours exploring the property. It's a really interesting piece of land. I hope it is developed in a way that is sensitive to the existing landforms and vegetation. There are a couple of nice ponds, some interesting ravines, and great trees.

However, I doubt it. It is outside of Edmond city limits so the I-35 corridor development guidelines will not apply. (Not that they mean anything)

But yea...what David said.

[Plutonic Panda]

Maybe I'm just speaking crazy here, but wouldn't it make more sense to build this development somewhere where the supporting utilities are already in place? That way they get the tax benefits without having to spend those taxes to maintain even more infrastructure?

I would personally like to see Waterloo turned into a highway one day. That is a ways down the road however. This development and what ODOT is doing with interchange will ensure that likely won't happen they'll have to build one north of Waterloo.

For this development, I think it is fine where it's at. This area is beginning to grow and it's only a matter of time before it's filled with new houses and other smaller developments.

[Richard at Remax]

Only way I would see it become a highway if it was a highway in the mold of Portland/74. limited stops with a high speed limit. already too many homes and businesses to turn it into a freeway (if that's what you were intending.)

Since there is no easy way to cut across Edmond right now I was hoping this was going to be the case with Covell but that doesn't seem likely now. Too many neighborhoods and schools to make high speeds unwarranted.

[Plutonic Panda]

Only way I would see it become a highway if it was a highway in the mold of Portland/74. limited stops with a high speed limit. already too many homes and businesses to turn it into a freeway (if that's what you were intending.)

Since there is no easy way to cut across Edmond right now I was hoping this was going to be the case with Covell but that doesn't seem likely now. Too many neighborhoods and schools to make high speeds unwarranted.

yeah... a plan needs to be in order. Also, if a highway were proposed for Waterloo tomorrow, you can bet Oak Tree would have a fit.

A lot would have to be demolished for a highway to be built on Waterloo, but I figure it's worth it 5-8 years down the line. If they would start planning now, getting funds, buying ROW, etc... this highway could be built 5-10 years down the road and could be an extension of Hefner Parkway. Turn Portland into a highway and loop it around Edmond via Waterloo. It's right on the county line and I figure that would be better as it would serve each area of the county equally.

I realize that's a pipe dream at this point and likely a highway won't be built in this area for another 15-20 years... but that's my take.

[Richard at Remax]

A freeway yes, a fit would be had, but a well planned highway might be accepted. Oak Tree National would like a highway to I-35 and Portland for easier access, like highway 33 just north of there. that's one of their logistical issues for wanting to host an actual major again. Even though I don't think it's as big as an issue as it seams. Public parking for the PGA in Louisville this past year was 15 miles from the course.

but back to the development, that intersection is ripe for it, continuing the trend north from Edmond along I-35.

[HangryHippo]

Piggybacking onto David's comment, isn't it this type of nonsense that PlanOKC is supposed to fix? And by nonsense I mean the practice of just throwing ****ty development up anywhere you can get the land without regard to the consequences on the environment or the long-term costs.

[Rover]

This is Edmond, not OKC. I don't think PlanOKC has anything to do with it, does it? And, it isn't just some "*****" development. It is a densifying mixed use development. Urbanization isn't only for downtown OKC.

[CuatrodeMayo]

Its not even technically Edmond.

[zachj7]

Lol, that picture in that office is a fantasy... Let's be real.

[onthestrip]

Lol, that picture in that office is a fantasy... Let's be real.

Agree. This is a little too ambitious. And obviously so, with the necessity of millions of dollars of public support to make it work.

[adaniel]

Hate to be a negative nancy but yeah this is not happening; at least not where they are proposing.

They are looking for a TIF/handout in a place (Logan County) that simply does not have that kind of money sitting around. I am not sure why they would be picking a site so empty and isolated when there are plenty of prime development spots still left in Edmond.

[bchris02]

I would like to see such a development proposed in the Memorial corridor rather than way out on I-35/Waterloo. I think the OKC area needs to work towards developing a few centers of economic activity and growing outward around them rather than continuing to sprawl farther out.

[oklip955]

First, they bought the land a long while back. This I've heard from several people. Another reason to build in Logan county is the lack of building codes. When I first heard of this I thought this is fantasy. I've heard from someone that lives close by that they have been moving dirt. I still don't see how they are going to manage water and sewer. At least not on that scale. Edmond Fire responds one engine north of Waterloo. Oak Cliff and Wood Crest are not set up to respond to something of this size and scope. Logan county Sheriff doesn't have the manpower either. Waterloo and I-35 is a mess at rush hour now and backs up almost to the right hand lane on the north bound side. Lots of issues and who will oversee the project as far as Logan county?? Don't think they have an engineering dept with that scope. Ifs just has me wondering why not build in an area with water and sewer already?

[Plutonic Panda]

Lol, that picture in that office is a fantasy... Let's be real.

Other cities have these kinds of developments spread out, so let's just wait and see.

[Plutonic Panda]

Agree. This is a little too ambitious. And obviously so, with the necessity of millions of dollars of public support to make it work.

Let's wait and see. I haven't judged this for myself yet because I haven't heard much about it. I need to read more about the developer, how far along they are in the process, and how serious they are.

[Plutonic Panda]

Hate to be a negative nancy but yeah this is not happening; at least not where they are proposing.

They are looking for a TIF/handout in a place (Logan County) that simply does not have that kind of money sitting around. I am not sure why they would be picking a site so empty and isolated when there are plenty of prime development spots still left in Edmond.

Logan County was one of the fastest growing counties in Oklahoma.

I see no reason to instantly bash why this automatically won't happen.

[Plutonic Panda]

First, they bought the land a long while back. This I've heard from several people. Another reason to build in Logan county is the lack of building codes. When I first heard of this I thought this is fantasy. I've heard from someone that lives close by that they have been moving dirt. I still don't see how they are going to manage water and sewer. At least not on that scale. Edmond Fire responds one engine north of Waterloo. Oak Cliff and Wood Crest are not set up to respond to something of this size and scope. Logan county Sheriff doesn't have the manpower either. Waterloo and I-35 is a mess at rush hour now and backs up almost to the right hand lane on the north bound side. Lots of issues and who will oversee the project as far as Logan county?? Don't think they have an engineering dept with that scope. Ifs just has me wondering why not build in an area with water and sewer already?

I agree. There are a lot of unanswered questions that I would like to know about.

[oklip955]

I've been hearing rumors that the interchange rebuild has been moved up due to the rapidly increasing traffic volume. Anyone have any better info on this. The property on the southeast corner (old horse farm that was being used for cows) has been sold to ODOT per Oklahoma County records.