Boardwalk at Bricktown / Dream Hotel

[Teo9969]

^I should say that while there may have been instances where abatement has occurred, though that would be the very rare exception, not the rule. In fact, in order to provide money up front in many instances the TIFs have taken out loans (accruing millions of dollars of interest expense in the process) in order to be able to fund projects up front. The reality is most developers do want the subsidy up front.

Even in the case of abatement, the city could still set a cap. So if an improved property generates $8M to $10M of property tax in excess of the base assessed value at the beginning of the TIF, the city can still say we're capping the abatement at $2M.

[Plutonic Panda]

Looks like this is moving forward and could open by 2024:

Bricktown is building on the ongoing evolution of Oklahoma City with the addition of a $275 million project that will be erected by 2024.

The Dream Hotel Group, known for their luxurious lodging from New York to Nashville, South Beach, and even Bangkok, has now set its sights on Oklahoma City. The group will be collaborating with California-based Matteson Capital LLC on a large mixed-use destination.

The project will incorporate two towering hotel concepts, and a residential tower. Bringing a total of nearly 400 additional hotel rooms to Oklahoma City’s entertainment district, the Dream Hotel and Unscripted Hotel will serve as the main attractions of the project.

The Dream Hotel will be located on the corner of East Reno Street and Oklahoma Avenue and include 220 guest rooms and suites, five dining and nightlife options, a rooftop pool deck and bar, state-of-the-art health and wellness facilities, and 11,000 square feet of flexible meeting and event space throughout its 14 floors.

The Unscripted Hotel will join the Dream Hotel at 14 stories in the sky, incorporating 174 guest rooms, two upscale food and beverage spots, and a lower-level rooftop bar.

The residential tower may include air purification and air quality monitoring systems, as well as water filtration systems that will supply filtered water throughout the property. Public spaces will incorporate a circadian lighting system designed to support the natural 24-hour cycle of humans, boosting energy throughout the day, and helping people prepare for rest in the evenings.

The project pulls in local partners of Matteson Capital; Brad Hogan, and Randy Hogan, recognized for their role in developing the original Lower Bricktown District.

“We are grateful for Dream Hotel Group and Matteson Capital’s commitment to bringing this project to life in downtown Oklahoma City,” the Hogan’s firm said.

“This [project] will draw locals, Oklahomans, and out of town guests to new culinary experiences, live entertainment, and one-of-a-kind hospitality that’s unlike anything else in the area.”

Dream Hotel Group’s Vice President of Development, Christian Glauser Benz, said the group began to take notice of Oklahoma City, following the success of their Nashville location. Similar in size, the group saw potential in these midsize cities that could support this type of product.

The $275 million project will join Bricktown’s current ballpark, canal, and nightlife scene. Paycom Arena, home to the Oklahoma City Thunder, will also be within walking distance of the project. The Oklahoma City Convention Center, Scissortail Park, Myriad Botanical Gardens, Oklahoma City National Memorial & Museum, and more are a quick commute away, with a streetcar system connecting the Bricktown location with activities as far as Midtown.

To its east, the Boathouse District can be reached in minutes, providing a variety of outdoor activities.

Overall, the district’s diversity in businesses and attractions makes for the perfect platform for a Dream-like experience.

- https://www.velocityokc.com/blog/dev...ack=super_blog

[ChrisHayes]

I hope so. But if 2024 is their timeline, they need to step it up. I'm also nervous that better renderings haven't been released

[G.Walker]

Looks like Velocity is reaching for stories, lol. Their article gives us nothing new. This is information we already knew a year ago. Still puzzled on why no firm renderings have been released, surely they have them done by now.

[BoulderSooner]

Looks like Velocity is reaching for stories, lol. Their article gives us nothing new. This is information we already knew a year ago. Still puzzled on why no firm renderings have been released, surely they have them done by now.

it is just a pr site for the chamber .

[Teo9969]

I give it 0% possibility this opens in 2024 if properties are over 6 stories.

[Mississippi Blues]

it is just a pr site for the chamber .

I guess it must be good news on some level if essentially a public relations site for the chamber is reporting on it like that, right? I’m not familiar with Velocity at all, so I’m just thinking out loud.

[Mississippi Blues]

I give it 0% possibility this opens in 2024 if properties are over 6 stories.

Same. As it is currently reported, if any part of this is open by 2024, I’ll personally cover the total investment and building cost for the entirety of the development, then match it to donate back to both groups.

[ChrisHayes]

Any updates?

[dcsooner]

I’ll give you one Dead

[Pete]

It's not dead, just moving slowly as all big projects do.

I've been told it's still moving forward.

[G.Walker]

And now that we are in holiday season, I don't expect any solid updates on this project, until next year, maybe around Spring.

[Rover]

I’ll give you one Dead

Do you have any direct knowledge or is this just being negative?

[king183]

Do you have any direct knowledge or is this just being negative?

Do you really have to ask with this particular poster?

[ChrisHayes]

Do you really have to ask with this particular poster?

My thoughts, exactly!

[dcsooner]

Do you have any direct knowledge or is this just being negative?

Just being negative but with good reason. I’ve been jaded by promises and letdowns like a jilted lover.

[Rover]

Just being negative but with good reason. I’ve been jaded by promises and letdowns like a jilted lover.

I always feel like it is people's own expectation and lack of knowledge of process that usually leads them to letdowns . These projects, as are most development projects, are not like buying or building a house and that's usually the only experience most people have directly. There seems to be an expectation here that if they see something about something then it is of course going to become a reality. There are always a lot of moving parts.

[G.Walker]

For what its worth, a similar type of development by the Dream Hotel Group was announced for San Antonio back in September 2020, and has yet to break ground.

[Dob Hooligan]

I read that Hyatt has announced they are buying Dream Hotels.

[chssooner]

And Unscripted Hotels, the other hotel in this development.

[Pete]

That shouldn't have any effect on future projects.

The developers merely license the use of hotel flags and then follow their guidelines.

[coop2773]

I read that Hyatt has announced they are buying Dream Hotels.

There's in article about it in today's Dallas Morning News.

[OKCBayou]

I've also been told it is still moving forward from a source associated with the contractor. Like Pete said projects this size take time in design and preconstruction.

[ChrisHayes]

I've also been told it is still moving forward from a source associated with the contractor. Like Pete said projects this size take time in design and preconstruction.

Any idea when we'll see the plans?

[chssooner]

There are quite a few Texas towers that were proposed 3 years ago, and there has been no movement at all. And those aren't considered dead, either. Tall residential is rare in Oklahoma, so the barriers to entry are higher than in places where it is more common.