Edge @ Midtown

[Doug Loudenback]

Yep. Lets have all the cards laid out on the table. Most everyone who is interested in downtown/midtown wants to know.

[BDP]

He's already had two years!! How many deadlines have already come and gone?

AND, since he plans to make substantial changes to his original proposal, the RFP should be reissued and his new plan should be judged against any others that wish to apply.

So true. I was never a big fan of the overholser green concept, but if he isn't going to build that, it should be opened back up. Period. It makes no sense at all to even have an urban renewal if what they approve is not built, no matter what. They have already set a precedent several times that you can significantly change an approved concept without any consideration. Allowing Wiggins to now build whatever he wants without looking at other proposals before construction has even started would make it even worse.

Why have any review process if it never matters? Even if what 'city' accused Tannenbaum of doing didn't really happen, there is no reason to fault him for it if it did happen. OCURA operates in such a way that, really, that is what any developer with their investors in mind SHOULD do. Approval comes with absolutely no requirements, and, once approved, you can pretty much do whatever you want.

[okclee]

Why can't we have both developers build their projects?

Maybe not at the Mercy location, but there is more than enough large open areas very close by that would work, especially if they are scaling the projects down from the originally planned.

I would recommend taking away the approval of OG by Wiggins and see if the city can't help him find another location to build on nearby. Also the city could help broker a deal for Tannenbaum at another site as well. Look at the map of midtown, and see all of the large open areas.

It's really a shame that these two developers both want this piece of land when there is much more land available.

[khook]

you need to look at the land and figure out who owns it. Too many of the pieces are just being held hoping someone else will develop near by and they can run all the way to the bank then.

[okclee]

That is why I am suggesting the city get involved and help broker the deal with these two developers and the land holders in this area.

I think that the Mercy site is to valuable of a piece to just settle for something because the economy is down.

[Spartan]

I doubt Tanenbaum will build anything less than quality in downtown..

[soonerguru]

I doubt Tanenbaum will build anything less than quality in downtown..

If that's the case, then you should expect Urban Renewal to do everthing in its power to ensure Tanenbaum doesn't get to build there. They're fighting as hard as they can to ensure we get no quality developments.

[Spartan]

If that's the case, then you should expect Urban Renewal to do everthing in its power to ensure Tanenbaum doesn't get to build there. They're fighting as hard as they can to ensure we get no quality developments.

You almost have a point, even though I know you meant that facetiously. The reality is that OCURA isn't corrupt and isn't working against downtown as an evil agent of Edmond or something, but they have a few priorities that they are very good at sticking to, and they are the wrong priorities.

High-end, owner-occupied, and for-sale are the things they are looking for because they're still living in 2005.

[soonerguru]

You almost have a point, even though I know you meant that facetiously. The reality is that OCURA isn't corrupt and isn't working against downtown as an evil agent of Edmond or something, but they have a few priorities that they are very good at sticking to, and they are the wrong priorities.

High-end, owner-occupied, and for-sale are the things they are looking for because they're still living in 2005.

Nothing wrong with high-end, owner-occupied, they just have a reverse-Midas touch when it comes to selecting developers.

[Spartan]

Those are just the developers offering what they want sadly.

[Steve]

http://www.newsok.com/okc-main-stree...dline_business

[king183]

http://www.newsok.com/okc-main-stree...dline_business

I hope neither Tanenbaum or Wiggins is planning the equivalent of a high-end Denny's. I know nothing about them, so I can't say.

[okclee]

http://newsok.com/new-proposals-to-b...adlines_widget

Anyone have a new proposal?

[metro]

Yes Tanenbaum does

[Kerry]

Yes Tanenbaum does

...and financing. I hope they fast-track this. Step one in creating multi-story density is to use up all available ground space. Then the only option is to go vertical.

[okclee]

I do like that OCURA is finally ready to move on with new proposals, and maybe as soon as next month. It will be interesting to see what happens next.

Will OCURA make the right choice?

[Steve]

To answer the title of this thread, the answer is "yes."

[Pete]

Great decision by OCURA and kudos to Wiggin for stepping aside and making it easy to reopen the process.

And this is no easy thing for either party, as Wiggin had invested quite a bit of money to develop his proposal(s) and OCURA wanted to respect that.


Hopefully Tannebaum or someone else will produce a solid proposal.

[Kerry]

Great decision by OCURA and kudos to Wiggin for stepping aside and making it easy to reopen the process.

And this is no easy thing for either party, as Wiggin had invested quite a bit of money to develop his proposal(s) and OCURA wanted to respect that.

Maybe so but I think the people of OKC have sacraficed more than anyone.

[Midtowner]

Can someone explain why OCURA is so hot to trot on approving projects which have no financing? Shouldn't a letter or some proof of financing be required before a developer is essentially given a gift by the taxpayers?

[Rover]

Can someone explain why OCURA is so hot to trot on approving projects which have no financing? Shouldn't a letter or some proof of financing be required before a developer is essentially given a gift by the taxpayers?

You get into a "Catch 22". Projects have to be documented to a certain point and financing commitments are coming late in the process these days. Financing agreements will be contingent on certain things happening, such that even if awarded the project, the developer can run into any number of issues which will invalidate their financing agreements. So, money isn't actually "in the bank" at the time OCURA (or others) have to choose the developer. They have to go on the developer's financial wherewithall and their history of delivering, as well as the profile and capabilities of the implied financing partner. In some ways, OCURA would have to have a crystal ball, and then sometimes the ball is dropped and cracked.

[metro]

I wouldn't hold my breath that Tanenbaum will get this piece of land. Seems like a lot of posturing on Wiggin's part and we know U.R. is a good ole boy network and buddies with Wiggin.

[Midtowner]

You get into a "Catch 22". Projects have to be documented to a certain point and financing commitments are coming late in the process these days. Financing agreements will be contingent on certain things happening, such that even if awarded the project, the developer can run into any number of issues which will invalidate their financing agreements. So, money isn't actually "in the bank" at the time OCURA (or others) have to choose the developer. They have to go on the developer's financial wherewithall and their history of delivering, as well as the profile and capabilities of the implied financing partner. In some ways, OCURA would have to have a crystal ball, and then sometimes the ball is dropped and cracked.

So maybe OCURA needs to at least set developers on something of a timeline? This project has taken a ridiculous amount of time to wither on the vine. At least make would-be developers liable for taxes and rental value of the land while they keep it tied up should the project fail.

[Spartan]

I wouldn't hold my breath that Tanenbaum will get this piece of land. Seems like a lot of posturing on Wiggin's part and we know U.R. is a good ole boy network and buddies with Wiggin.

So how do "we" know that they're buddies with Wiggin?

[Kerry]

Can someone explain why OCURA is so hot to trot on approving projects which have no financing? Shouldn't a letter or some proof of financing be required before a developer is essentially given a gift by the taxpayers?

This is why I would favor an auction of all OCURA land to the highest bidders. Get these land back in the hands of the private sector and start collecting taxes on it.