Tower Theatre

[Teo9969]

This guy is pretty serious about turning it into a homeless shelter and is trying to get the funding. What are the chances that could come to pass?

Surely zero.

[PhiAlpha]

This guy is pretty serious about turning it into a homeless shelter and is trying to get the funding. What are the chances that could come to pass?

Sarcasm? haha

[Bellaboo]

Because large companies that have nothing to do with a tax credit or the work that is being done to receive a tax credit will come in a buy those credits at a good discount, thus making their tax liability much less.

A friend of mine sells tax credits for 95% on the dollar to some insurance companies, $50,000 at a time. Not like they are making a huge gain, they have to spend a lot to make it worth their while though.

[RBS]

A pending case about historic tax credits???? Funny this isn't affecting any other historic projects in the State. This is the most absurd excuse for the owner's lack of action yet!

[bluedogok]

Nothing wrong with more homeless shelters and resources for them. I am all for that, but not at the Tower Theater. It seems that a lot of people here, especially those who comment on NewsOK, don't understand the value of creating a vibrant urban district or place making of any kind.

Most of the commentary on news sites is inane at best, it is the bastion of the town idiots.

This guy is pretty serious about turning it into a homeless shelter and is trying to get the funding. What are the chances that could come to pass?

Surely zero.

Less than zero.....

[bombermwc]

So maybe a silly question, I can't tell from the floorplan how much of the 2nd floor on the front side is contiguous. That could be an office space at 9K sft. or even split it up for residential. Both have a demand in the area. With reatil on the bottom floor, it could happen. There's plenty retail activity around there as well.

Here's the thing though. This is going to have to be a long term investment project....not a flipper like so many developers want it to be. They won't be able to charge a high rent to recoup any renovation costs on any short-term because the retail in the area simply won't buy into it. There are too many cheaper alternatives given the economics of the area. You go charging a couple thousand a month and you're guranteed to not have a winning project. So i can appreciate the difficulty in getting things moving, but that's where things are going to have to break. Go into it with the desire to restore the place and have the economics of it be second to that, and you'll win here. Otherwise, it's just one more group of folks in a long line that just let the place rot.

It's a money pit, not a money maker. It was waaaaay too far gone. I'm sorry, but that's just how it is. I've been saying this for years and, so far, i've been right about each of these developers (much to the dislike of so many posters here). Time and time again someone will say "oh no, i know this guy. He's going to do it"....and it falls through and they sale at a loss.

[Pete]

I've heard from someone very involved with the 23rd Street revival that the tax credit issue is just another excuse by Dillion for not moving forward.

That there are plenty of people that have wanted to step in and invest or even buy him out, but he refuses and does not seem very motivated to do much of anything.


Dillion has owned this property for over eight years now and lots of people are starting to see his ownership as a real hindrance and would like for him just to sell the property and get out of the way of progress.

[BDK]

Any news on the ruling they were supposedly waiting on, or was that just a smoke screen (as mentioned by Pete's preceding post)?

[Spartan]

I've heard from someone very involved with the 23rd Street revival that the tax credit issue is just another excuse by Dillion for not moving forward.

That there are plenty of people that have wanted to step in and invest or even buy him out, but he refuses and does not seem very motivated to do much of anything.


Dillion has owned this property for over eight years now and lots of people are starting to see his ownership as a real hindrance and would like for him just to sell the property and get out of the way of progress.

Gee it must be nice to have family cash to sink in a project and no community or financial obligations that require you to get an ROI.

I'm doing a NMTC appeal this week that I hope to be done with soon. This stuff ain't hard.

As for the fungibility or transferability of tax credits, eliminating that is the best way to render a tax credit program useless. Politically more salient than fighting it head on. There is no crime in selling a tax credit, I thought we wanted the free market to work for urban development?!?

[metro]

Not exactly true Spartan, he still has to foot the bill of the actual property and annual property taxes; I wouldn't exactly call that "no financial obligations or ROI". As I understand it, the family business has been taking a hit due to the industry moving online and less brick and mortar. I don't know the state of their finances, nor their ability to rehab it, although I too would like to see the property move forward with redevelopment.

[HangryHippo]

Alamo Drafthouse would be awesome in this space.

[soonerguru]

So what about Steve's reference to Dillon finally doing something with the theater? Is he going to repurpose it for something other than a music venue, or will we have rival venues next door to each other?

[PhiAlpha]

So what about Steve's reference to Dillon finally doing something with the theater? Is he going to repurpose it for something other than a music venue, or will we have rival venues next door to each other?

Fingers crossed...Alamo Draft House concept.

[soonerguru]

Fingers crossed...Alamo Draft House concept.

That would be a winner.

[HangryHippo]

Fingers crossed...Alamo Draft House concept.

You and me both. It's the perfect fit for that space!

[Pete]

So what about Steve's reference to Dillon finally doing something with the theater? Is he going to repurpose it for something other than a music venue, or will we have rival venues next door to each other?

I really, really hope something happens here soon but they've talked about starting work many times over the last several years.

Perhaps momentum has come to the point where he almost has to do something now.

[BoulderSooner]

You and me both. It's the perfect fit for that space!

Not so sure Is there room for 6 screens and a bar inside the tower?

[Pete]

The space here is smaller than you may think.

The theater itself is just over 8,000 square feet; there is about another 16,000 square feet in retail/office space surrounding it.


Here is the quote from Steve's article:

Dillon said after repeated delays in redeveloping the theater and adjoining storefronts to the west, he is ready to move forward and has secured financing. Dillon previously indicated he was uncertain how to proceed due to legal questions involving the sale of federal historic tax credits.

“We've met with our bankers,” Dillon said. “We're moving forward even with the tax credits on hold. We hope to have a lease to fund the deal.”

[catch22]

I've thought all along that the move by the group to do the live music venue was nothing more than a proposal to light some fire under Dillon. Similar to the scheme by the Gold dome owners to find someone to put some money into it by threatening to raze it.

[soonerguru]

I've thought all along that the move by the group to do the live music venue was nothing more than a proposal to light some fire under Dillon. Similar to the scheme by the Gold dome owners to find someone to put some money into it by threatening to raze it.

I wondered the same. But this is a Dallas-based guy doing the other venue, right? If so, that would be a lot of effort just to get Dillon off of high center. According to Pete, this is an actual proposal going before city committees.

[BDP]

Ha. Maybe Dillon can raise some funds by charging for parking for the shows next door.

[Pete]

I was told that the proprietors of the music venue offered to lease the Tower parking until the Tower was re-opened, and Dillon refused.

Interestingly, he expressed worry about parking for the new venue in Steve's article.

[wsucougz]

"We hope to have a lease to fund the deal.”

[BDP]

I was told that the proprietors of the music venue offered to lease the Tower parking until the Tower was re-opened, and Dillon refused.

Interestingly, he expressed worry about parking for the new venue in Steve's article.

He seems adverse to cash flow.

[Pete]

^

I think he doesn't want them going in next to his property and is thus being uncooperative.