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August 06, 2020, 06:44:23 pm
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Author Topic: OKC stuff (formerly IKEA rumor)  (Read 119005 times)
Laramie
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« Reply #825 on: July 17, 2020, 04:41:25 pm »

Omni Oklahoma City hotel projected opening in early 2021







The hotel will feature 605 luxurious guest rooms, inclusive of 29 suites, with dramatic views of the 70-acre Scissortail Park and the downtown skyline.
« Last Edit: July 17, 2020, 04:48:22 pm by Laramie » Logged

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Laramie
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« Reply #826 on: July 17, 2020, 04:57:39 pm »

        
ENR Texas & Louisiana Announces 2020 Best Projects Winners


    
      A total of 28,000 residents gathered on the Great Lawn on opening night of Scissortail Park to watch a free concert by Kings of Leon.
Photo by David Callahan on behalf of OKC MAPS



ENR Link:  https://www.enr.com/blogs/4-texas-louisiana-stories/post/49713-enr-texas-louisiana-announces-2020-best-projects-winners
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Oil Capital
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« Reply #827 on: July 17, 2020, 05:42:58 pm »


It's vacant...


My brother use to bank there, last time I went by there (May 2020) didn't see any activity to indicate that it was occupied.  

Arvest is interested in the 80,000 sq., ft lobby area that Bank of Oklahoma occupied; BOK moved across the street to BOK Park Plaza Tower.   The whole building has 212,816 sq. ft. listed by Price Edwards:  

Link: https://www.priceedwards.com/oklahoma-city-property/office/lease/arvest-tower


Oklahoma City CBD office vacancy rate is currently 21.9% according to Price Edwards reporting for calendar year ending 2019.



I guess someone should tell the numerous tenants who still seem to think they are located in the building.
Here are a few of them:
https://www.hartzoglaw.com/contact
https://okcomplaw.com/
http://www.oklahomacounsel.com/
https://www.kiralaw.com/contact/
https://www.cmastrategies.com/contact

BTW, the Price Edwards link you provided does NOT purport to tell us the building is vacant.  In fact, if you click on the "Spaces" tab, it will take you to the page that shows the available spaces in the building.  If the building were vacant it would surely show space available on every floor.  It does not.

Oh, and you really went off the rails with your factoid about Arvest being "interested in the 80,000 sq., ft lobby area that Bank of Oklahoma occupied"...  There is not an 80,000 square foot lobby area in that building. (And of course it's already been reported that Arvest leased 40,000 square feet in the building.)  I suspect you read a January 2019 entry on OKCTalk and got confused.  It was reported at that time that the owner of the building would be trying to lease the lobby space that BOK occupied and that there was about 80,000 square feet available in the building (not that they were trying to lease 80,000 square feet of lobby space.
« Last Edit: July 17, 2020, 05:59:03 pm by Oil Capital » Logged

 
swake
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« Reply #828 on: July 17, 2020, 06:15:45 pm »

How is the public portion of the Omni Hotel being paid for?
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« Reply #829 on: July 17, 2020, 06:54:18 pm »

Bonds.  And the bonds will be repaid by drawing on revenue generated by the hotel and on a package of other finance vehicles, including tax-increment finance districts
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« Reply #830 on: July 17, 2020, 10:07:09 pm »

US-75/I-44 - $66mm interchange/highway widening starting this year. Spending through 2027 adds another $95mm for the interchange and widening
US169 and US64/SH51 - gets $30mm for interchange improvement work starting in 2027
US169 and I-44 - gets $13mm for interchange improvement work starting in 2023
I-44 at US64/SH51 - gets $6.5mm for interchange improvement work starting in 2024

https://www.odot.org/cwp-8-year-plan/cwp_ffy2020-ffy2027/8_year_cwp_divisiontul_map.pdf


I don't think $30mm would come close to what needs to happen there.  Tulsa's cloverleafs worked into the mid 1990's, Tulsa is going to have to go stacked with fly-overs and no more donuts.  I don't see how $30mm comes close to completing flyovers for 51/169 in 2027 money.
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Laramie
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« Reply #831 on: July 17, 2020, 10:31:40 pm »

How is the public portion of the Omni Hotel being paid for?

Bonds.  And the bonds will be repaid by drawing on revenue generated by the hotel and on a package of other finance vehicles, including tax-increment finance districts


     Forty five-year agreement:  Under the agreement, the city would fund about 36 percent of the cost of building the Omni Hotel, which will complement the
     planned MAPS 3 convention center. Omni OKC, LLC will cover the remaining $150.1 million in costs.


                     $85.4 million in public assistance
                   $150.1 million Omni
                   $235.5 million

Oklahoma City Convention Center:  $288 million financed by MAPS 3 initiative.

OKC Convention Center Parking Garage, 1,100 spaces (under construction) $23.6 million

Oklahoma City, unlike other cities, including Dallas, will not own the hotel, operate it or assume the risks for the operation or the construction,” according to O'Connor. “I believe that's the best thing about this. They're bringing $150.1 million to the table.

The public financing proposal being advanced by O'Connor does not involve any tax increases, but would instead draw from a recently approved property, hotel and sales tax increment financing district, proceeds from lease and mortgage payments paid back to the city from the public assistance provided development of the Skirvin and Bass Pro Shops, and a potential long-term ground lease for the Omni.

The agreement calls for financing through a bond issue to be paid from revenues from three existing downtown tax increment financing districts, including the most recent one that includes ad valorem taxes to be generated by the BOK Park Plaza tower at 499 W Sheridan Avenue.

The funding for the repayment of the bond will come from a variety of sources. The Omni Hotel will pay sales, occupancy and property taxes, which will be collected into a tax increment finance fund. Over a period of 25 years, the hotel will also pay the Oklahoma City Urban Renewal Authority for the land on which it will be built. Finally, if the hotel nets more than $20 million a year, it will be required to contribute a portion of its profits to help the city repay its bond debt.  Altogether, these sources are expected to generate between $22.1 million and $25 million.

The hotel itself would pay $200,000 a year for 25 years commencing the fifth year after completion. Other hotel revenues will include minimum annual tax payments of $1.4 million for 30 years.

City will provide 450 parking spaces to the Omni at a negotiated market rate.

The hotel is required to meet the AAA four-diamond rating with three to five restaurants and retail at the ground floor.

Tentative plans include a sports bar to face the Oklahoma City Boulevard across from the Chesapeake Energy Arena, a coffee shop and upscale full service restaurant. The city also gets a room block agreement that gives the Convention and Visitors Bureau a better chance at competing for larger conferences and visitor tourism.

The deal is with Omni OKC LLC., an Oklahoma limited liability company owned by Omni Hotels Corporation. The agreement calls for Omni to rebuild and reopen if it is ever damaged or destroyed.

Michael Carrier, president of the Oklahoma City Convention and Visitor Bureau:  "A quality full-service hotel is a necessity in the positioning of any successful convention center as evidenced by the increased business Dallas, Denver and the new Nashville facility have enjoyed," Carrier said. "The Omni brand is widely known and appreciated in the convention industry and represents the quality we know will not only complement the new center but will add greatly to the marketing efforts we are already making in the solicitation of new business."




« Last Edit: July 17, 2020, 11:21:11 pm by Laramie » Logged

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Laramie
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« Reply #832 on: July 17, 2020, 11:57:03 pm »

I don't think $30mm would come close to what needs to happen there.  Tulsa's cloverleafs worked into the mid 1990's, Tulsa is going to have to go stacked with fly-overs and no more donuts.  I don't see how $30mm comes close to completing flyovers for 51/169 in 2027 money.

ODOT needs to plan for more flyovers in both Tulsa & Oklahoma City on those interchanges;  $30 million isn't nearly enough for one interchange with flyovers.  

Here is I-35/I-235/I-44 Interchange with two long flyover bridges that tie over the ramp.  


Oklahoma City Construction Junction


Pic via OKCTalk.com

In total, the project includes 11 new bridges with two long flyover bridges.  Project in total, represents a nearly $300 million investment in highway infrastructure.



« Last Edit: July 18, 2020, 04:10:10 pm by Laramie » Logged

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Laramie
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« Reply #833 on: July 18, 2020, 04:08:06 pm »


Oklahoma City Construction Junction



Flyover ramps and bridges

A more coordinated design and traffic flow for Oklahoma's interchanges

I-235/I-44 Interchange Update via OKCTalk.com


« Last Edit: July 18, 2020, 05:49:24 pm by Laramie » Logged

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Laramie
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« Reply #834 on: July 18, 2020, 05:36:12 pm »

Oklahoma's two largest metropolitan areas

Tulsa & Oklahoma City (2019) estimates combined MSA 998,626 & 1,408,950 = 2,407,576
  vs. State of Oklahoma  3,956,971  account for 61% of the state's population.


Anticipate a higher growth rate for Tulsa in the 2020s decade...


Tulsa (401,190 - +2.37%)

Combined Oklahoma's two largest metros

 Oklahoma City (655,057 - +12.94%)

Cities over 90,000 seeing growth...

Broken Arrow 110,135 Growth rate  11.42%
Edmond 93,849  Growth rate 15.29%
Norman    126,377 Growth rate 13.93%


« Last Edit: July 19, 2020, 09:40:48 am by Laramie » Logged

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Laramie
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« Reply #835 on: July 19, 2020, 03:36:23 pm »

Oklahoma's major arenas and coliseums


          BOK Center Arena, Tulsa:  Basketball: 17,839, Hockey: 17,096, $196 million ($178 million public funds,  $18 million in privately funded upgrades.)

Cox Convention Center Arena, Oklahoma City, Basketball: 13,846, Ice hockey: 13,399, Original cost: $78 million ($23 million, $55 million in upgrades)

Chesapeake Energy Arena, Oklahoma City:  Basketball: 18,203, Hockey: 15,152, $179 million ($89.2 million, upgrades: $90 million.) 
       Chisholm Trail Expo Center, Enid, 6,500, USBL Oklahoma Storm, 1999–2007; on May 2, 2000, 6,132 watched the Storm beat Atlantic City


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Laramie
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« Reply #836 on: July 20, 2020, 03:54:56 pm »

OKCTalk.com breaking news:  

'Amazon to open yet another huge distribution center in Oklahoma City.
 





The Amazon jobs keep on coming...

The new planned 1 million square feet center will be OKC's 4th Amazon facility; it will handle distribution of non sort items.

          Amazon Non Sort Facility (planning stages)
          Amazon Fulfillment Center
          Amazon Sortation Center
          Amazon Hub Locker




Lariat Landing, Will Rogers World Airport Strategic Development Program.

Amazon's 2.5 million square foot Fulfillment Center near Will Rogers Airport (Lariast Landing 2,000 acre prime development) pictured above will have an adjacent 1 million square foot non sort facility being planned for the area.  The Fulfillment Center currently employs up to 1,800.  The non sort facility will employ right at 1,000.

According to OKCTalk.com 'Non-sort facilities typically stock and ship items such as kayaks, kegorators, grills and all types of bulky products available for purchase on-line.'  

Check-out the full story on OKCTalk.com - https://www.okctalk.com/showthread.php?t=45881&p=1130472#post1130472[/b]
« Last Edit: July 20, 2020, 04:31:40 pm by Laramie » Logged

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dbacksfan 2.0
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« Reply #837 on: July 21, 2020, 04:28:05 pm »

I don't think $30mm would come close to what needs to happen there.  Tulsa's cloverleafs worked into the mid 1990's, Tulsa is going to have to go stacked with fly-overs and no more donuts.  I don't see how $30mm comes close to completing flyovers for 51/169 in 2027 money.

$30mm won't even get you an arterial bridge/interchange replacement over a freeway. (no changes to the freeway)

https://azdot.gov/projects/central-district-projects/i-17-ti-reconstruction-happy-valley-rd-and-pinnacle-peak-rd/happy-valley-rd

https://azdot.gov/adot-news/updated-roundabouts-near-end-line-i-17-happy-valley-road
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Laramie
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« Reply #838 on: July 22, 2020, 09:30:30 am »

dbacksfan 2.0

Oklahoma IMO is the last to get anything done on major interchanges in it's two major cities.   Tulsa and OKC should be the two major hubs for traffic in our state.  
Arizona (Phoenix, Tucson)  Louisiana (New Orleans, Baton Rough, Shreveport) and Colorado (Denver, Colorado Springs) gets it.  

We're the last to finally realize that cloverleafs went out with plaid in the 70s.
« Last Edit: July 22, 2020, 09:42:14 am by Laramie » Logged

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« Reply #839 on: July 22, 2020, 10:28:03 am »

dbacksfan 2.0

Oklahoma IMO is the last to get anything done on major interchanges in it's two major cities.   Tulsa and OKC should be the two major hubs for traffic in our state.  
Arizona (Phoenix, Tucson)  Louisiana (New Orleans, Baton Rough, Shreveport) and Colorado (Denver, Colorado Springs) gets it.  

We're the last to finally realize that cloverleafs went out with plaid in the 70s.

I was born and raised in Tulsa, lived there from 1963 to 1998. I've been back four times, '04, '17, '19 and '20. I was glad to see the replaced 244/75 bridge over the river and the resurfacing of 244, but it still just surprises me how little surface streets have been maintained north 61st. Have they finished the construction/repair on 15th between Lewis and Utica?

I drove on my last trip back in March, and for once I will say I was thankful for a turnpike, I used the Kilpatrick to avoid the construction when I headed back. You mention cloverleafs, the interchange I linked to as well as a couple of others near there, was laid out originally as a cloverleaf but they never actually put in the loop segments. The traffic circles were good for about 10 or 12 years but then the area grew and the bridge and the circles just couldn't handle the flow.

You mention Tucson, I was talking with friends about what a pain Tucson is because of it's layout. It grew around Davis-Monthan AFB, main to the north and up against the Catalina Mountains, long before I-10 was built. When I-10 went through it was built on the west side of the city, and it never fails when any of us go to visit, the people usually live about 8 to 10 miles away from the freeway.

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