New $261 million 602 room luxury Omni Hotel (left) and new $288 million Oklahoma City Convention Center (right) opened in 2021.
City paid ($85 million) in funds toward Omni Hotel construction. These building are debt free.
Oklahoma City, a state-of-the-art $288 million convention center built in 2021 that is debt-free; includes massive 500,000-sq-ft interior includes
a 200,730 square-foot exhibit hall on the first floor, which is divisible into four halls. About 45,000 square feet of meeting spaces are on all levels of the
building.
The rooms can be configured to provide up to 27 meeting spaces.
Now we need a new state of the art arena to match the convention center. Anticipate the cost of the new arena with 37% inflation on building
materials to cost $450 million to $500 million on city owned land (My own personal estimate--could be higher).
City owns several downtown parcels like the 4-square block former Cox Convention Center site (occupied by Prairie Surf Media Studios).
https://okcfox.com/news/local/new-thunder-arena-coming-okc-mayor-says-early-talks-happening How are we able to pay off the debt; Bonds and/or sales taxes.
$70 million MAPS 4 Funds (PAUSE) already collected; some of these funds may be used for arena architectural designs. Extension vote: Oklahoma City 2017 General Obligation Bonds June 2017 ends June 2027 (10 years)
Extension vote: MAPS 4 initiative sales tax collection began April 2020 ends April 2028 (8 years)
Oklahoma City Council will meet next month (Tuesday, October 4, 2022) with Oklahoma City Thunder ownership group representatives to begin preliminary
talks on a new arena.
Specifications on new arena to include NBA seating capacity, number of suites, premium and loge seats will be determined to yield a cost estimate
of the new arena. An architectural firm has yet to be involved or employed. The $70 million funds from improvements to the Paycom Center (Put on Pause
by Mayor David Holt) is apart of the funding source that could be used to craft prelims for the new Oklahoma City main arena.
By Margaret Naczek – Reporter, Milwaukee Business Journal, August 26, 2022
The Greater Oklahoma City Chamber and executives from Oklahoma City (100 people) had a 48-hour intercity visit to Milwaukee, learning about key
venues and initiatives in the city from the Henry Maier Festival Park and Fiserv Forum to educational initiatives and the riverfront development.