There are a few buildings left that are boarded up. Heck a large building of Banta's on the NE corner of 10th is boarded up. Also specifically north of 10th there are a few. I also meant just vacant spaces as well. I'm sure on streets off Broadway (4th-9th) there are some as well. As the article mentioned, Iguana Lounge is moving to NW 9th instead of Broadway now. This is good as we need to fill in the side streets as well to create a true nightlife. Unfortunately Broadway has been marketed mostly to office tenants which don't help with creating nightlife too much. A good visionary would have made the office space on the upper floors and allow retail and restaurants to fill in the ground floors. I CAN'T BELIEVE Banta is marketing his flagship property on the NW corner of Broadway and 10th and his other one on the NE corner as Class A office space. While yes, we need more of it downtown, let the demand create more vertical Class A office space. Keep these prime properties and establish much needed retail. I could totally see H&M, Urban Outfitters or GAP using these spaces. They love spots like this in most urban environments. To not take advantage of it is foolish. I like what Banta has done on Walker, but he's marketing too much prime space as office space on Broadway and NW 10th.

PREACH BROTHA!

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Public financing helps boost downtown renovations

By Steve Lackmeyer
Business Writer
After conquering the once blighted 1100 block of N Walker, developer Greg Banta is moving his construction crews to the intersection of NW 10 and Robinson, where the task of renovating old buildings is even more challenging.

The sound of jackhammers has been bellowing the past few days from inside the former Packard dealership on the northwest corner of NW 10 and Robinson. For years the building was boarded up and home to a single derelict bar. "This building was tough,” Banta says while surveying the vast expanse of the building's second floor. "It was boarded up since 1957. There were a lot of unknowns. There were a lot of structural issues that would have scared off a lot of people.” Banta thinks plenty of developers might have razed the structure. He suspects the same fate might have awaited a series of buildings he just renovated at NW 10 and Walker — properties now home to restaurants and shops that are doing so well that the area is experiencing a parking shortage.

He expects to complete the Packard building renovation within one year — and hopes to lure restaurants and retail to the first floor. While Banta might lease the second floor to an office tenant, he's hoping a restaurant might be attracted by an attached rooftop patio.

Banta is confident he could easily lease or sell the adjoining buildings to office tenants. But he's taking the plunge into housing — but only with a $1 million boost from the city's tax increment finance (TIF) district. "Doing housing is very expensive, almost cost prohibitive,” Banta said. "The biggest risk is you don't know what the market is. We know there have been sales, we know what those units have sold for, but we don't know how deep the market it is.”

Banta isn't alone in the quest to obtain TIF funds to close a deal. Just last month the committee charged with overseeing such expenditures has authorized similar payouts including $1.75 million for development of the Overholser Greens condominiums at NW 13 and Dewey.

Past beneficiaries have included the Legacy at Arts Quarter apartments, where TIF funds helped pay for a parking garage; the Brownstones at Maywood Park, where TIF paid for a new streetscape, park and sculpture; and Block 42, where TIF paid for a courtyard.But while demand for such funding is high, there is also more money available for such development than first anticipated. The tax increment finance district was created eight years ago as a way to boost downtown development. The district is based on growth in downtown property taxes being re-invested into the area instead of being paid to various taxing entities, including public schools, libraries and the county.

At the time the district was formed, the TIF was expected to generate up to $42 million. That forecast is now at $52 million, including a $5 million sales tax TIF restricted to the Skirvin Hilton Hotel. To date, $32.6 million has been allocated, including $13.3 million for residential projects like the ones being tackled by Banta. A revised budget released by the city's finance department shows $19.8 million remaining available for projects ranging from residential and commercial development to parking, and $4.5 million dedicated to a future downtown school.

Assistant City Manager Cathy O'Connor predicts with more money coming in than originally forecast, the budget may once again need to be revised. "This is an indication of the economic activity stimulated by all the investment we've seen downtown,” O'Connor said. "It (the TIF district) really has done very well. And the private sector has stepped up and made the investment we've been looking for downtown.”

For Banta, the TIF helped make the difference in deciding to convert the Osler building at NW 10 and Walker and Hadden Hall at NW 10 and Robinson into housing. "We would love to see people live here,” Banta said. "We know what the commercial market is and we're quite comfortable with what the office and retail market is. So it would be easy to do that, because we know what the risk is. But we want to have a true mixed development here, so we're taking the bigger risk.”

Oklahoma City currently has six districts that support redevelopment in the Oklahoma Health Center, Downtown, renovation of the Skirvin hotel and creation of the Dell campus along the Oklahoma River.

TIF is great.. Robbing the school district of income so that we can help developers to build when maybe it would not be profitable to do so.

I hope Banta's projects ring up at less than what most developers are asking for the area. The $200+/sq. ft. prices are just obscene for Oklahoma City.

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Maybe I'm not looking at this the right way, and if so I'll be happy to stand corrected, but if we have an area where housing costs are that high, isn't it great to bring those kinds of owners into OKC where they'll be paying property taxes? In the long run isn't that a good thing for the city and the school systems? Especially if the new homewowners are leaving suburbs? I agree that we need more affordable housing too, but I see this as a good thing. And I'll feel very small and stupid if there's a glaring reason why I'm wrong.

The story acts like Banta is done with the work on Walker Avenue but I haven't seen much progress there for months. The new sushi restaurant stalled back in November, there's still two non-leased buildings across from 1492 now that the wine bar deal fell through, and there are three non-leased buildings in Plaza Court. Also, what happend to that big building across from 1492 that was suppose to be renovated into apartments?

The free market will take care of this. If people are willing to pay more for those properties that's fine. They perceive the value. If that changes, prices will adjust to the perception of value.

The holdup with the Sushi Bar has been the city. They finally issued a building permit this week. It was applied for in August of last year. The other building next to 1492 has also been leased to a restaurant. Banta just hasn't announced it because they are waiting on the building permit. I think he has learned his lesson about announcing things too early then it appears that he is holding things up. I also hear that all of the spaces in Plaza Court are also leased but he is waiting to announce those deals at the same time he announces the new restaurant on Walker.

Actually, there is only one non-leased building by 1492 and it's not across from it but next door to it. The other building was leased to Meg Guess Bridal Coutoure and has been open for several months now. The building across the street is being converted to apartments and street level retail and I see crews over there working on it when I drive by. There are NO non leased buildings in Plaza Court, Plaza Court is only ONE building. It does have 3 non-leased spaces, but I'm confident those will fill up quick (well, unless the city holds up the permit process as they are infamous for). As trison said, the city held up Gaijin Sushi from opening their location in Midtown, however their downtown location is coming along nicely. I believe they are wanting to open the downtown location first and now all the emphasis is on that.

the TIF money that steve L wrote about .. is 1,000,000 and the olser and the Heritage (buildings across the street are getting some of that money) .along with some other midtown buildings ..

http://www.okctalk.com/okc-metro-are...gn-bridge.html

Drove by yesterday, Prarie Thunder Bakery got their sign up within the last 2 days. Also there has been a nice bike rack installed outside Irma's see below:

I was by there yesterday as well and was surprised how far McNellie's has to go.

I know they've done lots of structural work but just looking in, you'd swear they've only started construction a few weeks ago.

Hopefully, the pace will pick up soon. Plaza Court, as a whole, looks absolutely awesome now. That whole intersection with the roundabout, St. Anthony, Kaisers, the restaurants on Walker, etc... That is really, really a cool spot and I'm sure there will be lots more development to come.

Inside of McNellie's looks no different than it did back in November\December to me. I suppose they're are doing something we cannot see, but weren't they shooting to open by St. Patrick's Day?

I was in Plaza Court today and noticed that a new tenant is moving into one of the leasing spaces. It is located inbetween the Prarie Thunder Bread Baking Company and McNellie's. They had desks and computers set up, so I assume it is going to be some sort of office. I was hoping that instead there would have been another restaurant or retail shope or something, but always expecting that is probably unrealistic.

The people that you saw on the 1st floor with desks are just using the space temporily while there space is being built out upstairs. I think there are still plans for some sort of restaurant for the spaces between Subway and Praire Thunder. Also I walked thru McNellies space today and was told that they were scheduled to open in May. Their space is huge. It has three levels.

Went to McNellies for the first time recently. Very cool place. Seemed like a Tapwerks that serves way above average bar food. I look forward to hanging my own personalized mug there.

So they're using the basement?

McNellies will have a 1st floor, a mezzanine level and a third floor.

I don't see how there's room for three floors in that 2-story building.

The east end is actually three floors.

anyone know if Prarie Thunder opened up yet?

They are doing their soft opening this week. I had a baquette stuffed with roast beef and cheese yesterday and a chocolate croissant. Both we very good. The employee said that they hope to be fully open next week. They are waiting on the city to close out their permit. The store is very nice and the food that I had was great and better yet it was free!!!

I went by Prarie Thunder today. They said that they will be fully opened on Monday.

below street level is a club (i believe it was called "the bowery" in the 80's)... i wonder if anyone is gonna do anything with that. it's an awesome spot, with mucho history. in fact it would have been a much better candidate for the PROHIBITION ROOM (in regard to ambiance).

ed, good point. If I remember correctly, I do belive Banta said he wants to open it up as a club or jazz club or something of that nature again.