Originally Posted by
warreng88
Sorry to resurrect an old thread, but needed a place to put this.
Missed Adventure: Would-be developers eye district, then look elsewhere
By: Brian Brus The Journal Record January 12, 2017
OKLAHOMA CITY – The sign at NE 36th Street and Interstate 35 promises a luxury resort hotel with spa, salon and conference space on the 14-acre site on the edge of the city’s Adventure District.
The details have been hidden under a sagging fold in the vinyl sign for months. “Future” has been truncated to “Fu,” and only developer Neal McGee’s first name and a few digits of his phone number are still readable from the I-35 service road.
It’s an apt metaphor for development in the district – someone always seems to have big plans to attract business and tourists to Remington Park, the zoo and museums such as the USA Softball Hall of Fame Complex, but they fail to garner much attention.
McGee said he believes he can turn that trend around. The owner of Neal McGee Custom Homes has architectural designs for a $20 million, 185-room complex ready for his pitch to line up financing and investors this year.
“I just sent out a letter to the members of the Adventure District, asking them to help us promote the hotel and look for partnerships and funding,” he said. “If somebody wants to take the project and run with it, that would be great, too.”
Another developer who posted a for-sale sign at NE 50th Street and I-35 is just as hopeful but still cautious about prospects. Jerry Hocker at Coldwell Banker Hocker & Associates said his sign has gotten a few nibbles since it went up seven months ago. Hocker and a small investment group have been offering 5 acres for about seven years.
“We’ve had a lot of tire-kickers,” he said. “They all seem to know this area has potential. It’s obvious when you look around; there is not a single hotel that would be a good place for a family to stay.”
The district’s growth challenges are subtle and numerous, Hocker said. For example, the district is primarily nestled into the southwest corner of the I-35 and I-44 interchange, including the National Cowboy & Western Heritage Museum to the north of I-44 and Lincoln Park Golf Course to the south along I-35. The area lacks prime, open sites with good interstate frontage, he said.
The anchor attractions are also far removed from the concentration of tourist activity in the Bricktown District near downtown, and they have been slow to integrate the museums and parks into a cohesive package for visitors.
Timing gets in the way as well. If it’s not an economic downturn stymying efforts, then it’s a matter of developers waiting for the other guy to go first. Hocker said the classic chicken-or-egg scenario keeps most of them from jumping in – financial backers want assurances of demand for a hotel complex, but there’s no way to prove that until a resort is built and starts attracting tourists and conferences. Small retailers or restaurants can’t risk launching without other retailers nearby.
City Councilman John Pettis Jr. said City Hall or Urban Renewal will need to make more of an investment in the area to prime the pump, as was the case with Bass Pro Shops serving as an anchor for Bricktown. However, no one has asked for that sort of funding yet – the city put up about $19 million for Bass Pro construction costs with an annual payback schedule.
And the Adventure District vehicle will have to be something other than a tax increment finance district, or TIF, which has proven effective in generating revenue in other districts, he said. The Adventure District doesn’t have a lot of retail to produce sales tax, and much of the land is owned by the city and would be exempt from a property tax-based TIF.
“There are some other options that we are really looking at,” Pettis said. “Are there available resources to jump-start development in that area? Absolutely yes. That area is in a qualified census tract, so it’s eligible for new market tax credits, a federal program. … It’s a matter of finding the right community development entity, but they have not yet stepped up to the plate.”
Tiffany Batdorf, the business improvement district chief executive for the Adventure District, said that after The Journal Record reported on the district’s struggles, a hotelier called her office and asked for annual attendance figures with an eye on several acres held by developer Tom Parrish.
“We get calls all the time,” Batdorf said. “They all think it’s a great opportunity, but they just don’t have the backing.”
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