Meeting Summary
The meeting provided a comprehensive update on various downtown Oklahoma City development projects, presented by Kathy O'Connor from the Alliance. The presentation highlighted new hotels, residential complexes, and mixed-use developments, many of which are supported by TIF funding and historic tax credits. Discussions also covered ongoing property acquisitions for MAPS 3 projects, future parking solutions, and a study focused on leveraging private investment for MAPS 3 initiatives.
Key Decisions & Votes
Carnegie Center Tiff Request
A Tiff request for the redevelopment of the former downtown library, the Carnegie Center, into residential and commercial space was approved last week.
The Hill Phasing Plan
The Urban Renewal Authority approved a new phasing plan last month for 'The Hill' residential development, allowing the developer to purchase tracks for new unit construction.
Midtown Parking Garage Tiff Allocation
A $3 million Tiff allocation, comprising a $2 million grant and a $1 million loan, was approved for the construction of a parking garage in Midtown.
Financial Matters
Maywood Apartments Tiff Funding
Allocation of approximately $1 million in Tiff funding for the Maywood Apartments project.
Maywood Apartments Investment
Total investment for the Maywood Apartments project.
Carnegie Center Investment
Total investment for the Carnegie Center redevelopment.
The Edge at Midtown Investment
Total investment planned by the developer for The Edge at Midtown project.
The Edge at Midtown Tiff Allocation
Tiff allocation received for The Edge at Midtown project.
Midtown Renaissance Group Tiff Allocations
Total of two Tiff allocations received by the Midtown Renaissance Group over the past couple of years.
Midtown Renaissance Group Total Investment
Total investment made by the Midtown Renaissance Group across their various projects.
Midtown Parking Garage Tiff Allocation
Tiff allocation for the Midtown parking garage project, structured as a $2 million grant and a $1 million loan.
John W Rex Elementary School Land Acquisition
Urban Renewal Authority's offer price for the land for the John W Rex Elementary School.
MAPS 3 Private Redevelopment Tiff Funds
City Council allocation of Tiff funds to the Urban Renewal Authority for the private redevelopment piece of MAPS 3 projects.
Coming Up
Deadlines
- John W Rex Elementary School to be completed by August 2014.
Watch For
- Redevelopment agreement and schematic designs for John W Rex Elementary School to go to the Urban Renewal Authority tomorrow.
- John W Rex Elementary School project to be on the school trust agenda this afternoon.
- Consultants for the MAPS 3 leveraging private investment study will be conducting interviews in the coming weeks.
- Negotiations for the Arts District parking garage site, including the High Tower parking lot, are underway.
Announcements
- Kathy O'Connor from the Alliance provided an update on various downtown Oklahoma City development projects and initiatives.
Agenda Summary
Aloft Hotel Construction
Construction of a 137-room hotel with three ground-floor restaurants at Second and Walnut, creating an urban street edge in the north of Deep Deuce.
Maywood Apartments Development
Construction of 139 residential units at Fourth and Oklahoma, representing a $15 million investment, with $1 million in Tiff funding previously allocated.
The Hill Residential Project
An ongoing four-sale residential project at Russell M Perry and Second Street, with the Urban Renewal Authority having approved a new phasing plan last month to meet market demand.
East Bricktown Development
A challenging project at Sheridan and Lincoln planning 249 residential units and a hotel, supported by NSP allocation and anticipated future Tiff funding due to significant utility issues.
Carnegie Center Redevelopment
Redevelopment of the former downtown library into 19 residential units and ground-floor commercial retail space, with a Tiff request approved last week.
The Edge at Midtown
Development of 249 high-end residential units at the old Mercy Hospital site (13th and Walker), a $36 million investment with a $2.3 million Tiff allocation, including 486 structured parking spaces, some for public use.
Midtown Renaissance Group Projects Overview
An update on multiple projects by the Midtown Renaissance Group, totaling $24 million in investment and supported by $2.3 million in Tiff allocations, focusing on creative reuse of existing buildings.
1212 North Walker Development
Part of the Midtown Renaissance Group projects, featuring 24 residential units and 4,000 square feet of ground-floor commercial space.
The Klein at 230 Northwest 10
Part of the Midtown Renaissance Group projects, including 12 residential units.
Osler Hotel Redevelopment
Part of the Midtown Renaissance Group projects, the Osler Hotel at 1200 North Walker is under contract to become a boutique hotel with renovations beginning shortly.
The Guardian at 1117 North Robinson
Part of the Midtown Renaissance Group projects, a mixed-use development with approximately 40 loft apartments and ground-floor commercial and restaurant space.
Robinson 430 Northwest 12th Street Redevelopment
Part of the Midtown Renaissance Group projects, a residential redevelopment transforming a nondescript building into an interesting residential development.
Midtown Parking Garage Construction
Construction of a 300-space parking garage at Northwest 10th Street, west of Broadway, with a $3 million Tiff allocation ($2 million grant, $1 million loan), supporting commercial development and the Marion Hotel redevelopment.
Arts District Parking Garage Proposal
A proposed 750-space mixed-use parking garage south of City Hall, including retail and commercial space on the first floor, with the Urban Renewal Authority requesting to retain redevelopment rights for residential or commercial use on top.
John W Rex Elementary School Development
Development of a downtown elementary school at Sheridan and Walker on Urban Renewal Authority-owned land, involving MAPS for Kids money, Tiff allocation, and private funding, with designs going to the URA tomorrow.
MAPS 3 Projects Property Acquisition Update
An update on property acquisitions for MAPS 3 projects, including Central Park (95% complete), the Convention Center, and the Multimodal Transit Hub, as well as the private redevelopment piece with $2.3 million in Tiff funds allocated.
MAPS 3 Leveraging Private Investment Study
A study to analyze market conditions, financing sources, and governance policies to ensure MAPS 3 projects catalyze high-quality private development.