The Frank

[Bullbear]

I love this project.. the design is great.

[Chadanth]

Any movement on these?

[Pete]

Any movement on these?

Yes, they applied for a $5 million building permit on 9/19/14.

Usually takes 1 to 3 months to get everything approved on a project this size, then they will be starting work.

[Chadanth]

Yes, they applied for a $5 million building permit on 9/19/14.

Usually takes 1 to 3 months to get everything approved on a project this size, then they will be starting work.

Nice. Thank you.

[Plutonic Panda]

Don't bet on it.

you were incorrect. This project is now happening even though construction has not officially started. You should consider living in these apartments in the midst of all of this.

[Chadanth]

you were incorrect. This project is now happening even though construction has not officially started. You should consider living in these apartments in the midst of all of this.

I'm not sure I want to be your neighbor. Promise no street racing in the parking lot?

[Plutonic Panda]

I'm not sure I want to be your neighbor. Promise no street racing in the parking lot?

That's will be extremely hard, but I think I can manage.

[metro]

Any updates on this?

[Pete]

They should be starting construction very soon, based on what I was last told about a month ago.

[metro]

Pete, we need to update the map in the index above to say LIFT instead of 10th & Shartel Apartments

[Pete]

Just learned this project has hit a bit of a snag.

They applied for TIF funds but were turned down, so they are having to value-engineer, make some changes and see if they can get their numbers to work.

They still hope to make it happen, but this is the reason they have yet to start construction.

Because there will be changes, they will have to resubmit to design review, apply for new building permits, etc.

[dankrutka]

They applied for TIF funds but were turned down, so they are having to value-engineer, make some changes and see if they can get their numbers to work.

Considering everything seems to receiving TIF funding, why was it denied for this project? I can't imagine they were asking for much compared to other projects.

[Richard at Remax]

a general question for everyone but do you think it is good or bad to develop a project with the help of TIF? You would think they would have two plans going forward so in case they were denied.

[Pete]

Considering everything seems to receiving TIF funding, why was it denied for this project? I can't imagine they were asking for much compared to other projects.

Probably because it's new construction, there is no challenge to the site and the area is already up-and-coming.

[DoctorTaco]

Probably because it's new construction, there is no challenge to the site and the area is already up-and-coming.

Can't help but get the feeling that there are two sets of TIF rules out there. One for the smaller developers, one for the titans....

[Pete]

Can't help but get the feeling that there are two sets of TIF rules out there. One for the smaller developers, one for the titans....

The bigger problem is there are no set rules at all.

It puts City staff in a terrible position of having to decide if they even recommend a TIF award, and there are also no clear guidelines concerning appropriate amounts.


As we approach starting several large new TIF's, I'll share more about what I've learned. I've spent a ton of time learning how the process works in OKC and there are lots of issues that need to be discussed and decided before we go much further down this road IMO.

[metro]

Noticed this broke ground a week or so ago. This is great infill between the recently started Catholic Charities and LIFT

[Pete]

Yes, just confirmed they are moving forward and despite the TIF rejection, they hope to build very close to the original plans.

That area is going to be unrecognizable in another year or two.

[Pete]

They've started work; thanks to Metro for the first photo.

Also, from the slightly revised plans, note this project is now called "The Frank".

[Spartan]

Probably because it's new construction, there is no challenge to the site and the area is already up-and-coming.

New construction is more expensive than historic preservation, which you can make work around $100-120 sf.

It's interesting that the city felt REHCO had a responsibility to provide the best site for the convention center, when Bob Howard could feel slighted on this project. It seems very TIF-worthy.

[Pete]

Getting busy. From Fitzsimmons Architects:

[John Knight]

Safe rooms going in at The Frank.

[Pete]

Progress:

[AP]

This project is moving quite slow compared to the other two projects surrounding it. Is there a reason for that or are they just taking their time?

[Pete]

The foundation and prep work always take quite a bit of time, then the structure goes pretty fast.

I think that is what is happening here.